Saudi Aramco’s 2019 IPO was the world’s largest at the time, raising about $29.4 billion.
Saudi Aramco offered shares on Saudi Arabia’s Tadawul exchange in December 2019. The company initially raised approximately $25.6 billion, and an overallotment option later increased the proceeds to roughly $29.4 billion.
The offering attracted worldwide attention because Saudi Aramco is one of the largest integrated oil and gas companies. It is controlled by the Saudi government and traces its corporate history to the discovery and development of Saudi petroleum resources.
The IPO is often discussed alongside market-cap rankings because the listing made the company’s implied equity value visible to public investors. It is important to distinguish money raised in an IPO from market capitalization: the first is the value of newly sold shares, while the second values all outstanding shares.