Saudi Aramco’s 2019 IPO was the largest initial public offering by funds raised at the time.
The company sold shares on the Saudi Stock Exchange in December 2019 and raised about $25.6 billion in the offering. An additional share-allotment option later increased the total to approximately $29.4 billion, surpassing Alibaba’s 2014 IPO record.
Saudi Aramco’s offering was part of Saudi Arabia’s broader economic strategy, including efforts associated with Vision 2030. The listing gave outside investors access to a portion of the state-owned oil company while retaining government control.
The company’s total valuation was much larger than the money raised because only a small percentage of its shares was offered publicly. This distinction explains why the largest IPO by funds raised and the company with the world’s highest market capitalization are related but not identical claims.