Which company's 2019 IPO was the largest in history, raising $25.6 billion?

Saudi Aramco’s 2019 IPO was the largest in history, raising $25.6 billion.

The Saudi Arabian Oil Company, commonly called Saudi Aramco, offered 1.5% of its shares on Saudi Arabia’s Tadawul stock exchange. The listing was part of the country’s broader effort to diversify its economy and support Vision 2030, including the development of the Public Investment Fund. The shares were priced at 32 Saudi riyals each.

Trading began on December 11, 2019. On its first day, the stock rose by the exchange’s 10% daily limit, giving Aramco a market capitalization of roughly $1.88 trillion. The offering surpassed Alibaba’s $25 billion 2014 IPO, which had previously held the record.

The question refers to money raised by selling shares, not the company’s total value. Those are different measures: Aramco’s market capitalization was vastly larger than the proceeds from the IPO. Another common mix-up is the 2019 IPO’s domestic listing versus the company’s earlier bond issues, which were not stock offerings.