Which company’s 2019 IPO was the largest public offering in history at the time?

Saudi Aramco’s 2019 IPO was the largest public offering in history at the time.

Saudi Aramco raised about $25.6 billion when it sold shares on the Saudi Exchange in December 2019. The offering initially surpassed Alibaba’s 2014 IPO, which had raised about $25 billion, and became a major event in global capital markets.

The listing was part of Saudi Arabia’s economic reform program known as Vision 2030. Selling a minority stake was intended to broaden investment opportunities and help diversify the economy beyond oil revenues.

Saudi Aramco later exercised an over-allotment option, increasing total proceeds to roughly $29.4 billion. That distinction explains why sources may quote two different figures. The IPO’s size and the company’s market capitalization are related but are not identical measurements.