Saudi Aramco’s 2019 initial public offering was the largest in history by funds raised, collecting about US$29.4 billion after an over-allotment option. Shares began trading on the Saudi Stock Exchange in December 2019.
The state-owned oil producer sold a small percentage of its equity, yet the offering valued the company near US$1.9 trillion. Its size reflected Saudi Arabia’s enormous petroleum reserves and production capacity.
Alibaba’s 2014 New York IPO had previously held the record. Saudi Aramco’s listing is distinct from later market-cap rankings, which change daily as its shares trade.