Saudi Aramco’s 2019 public offering became the largest IPO in history by proceeds.
Saudi Aramco raised about $25.6 billion when it listed shares on the Saudi Stock Exchange in December 2019. An additional overallotment option later increased the total to about $29.4 billion, surpassing Alibaba’s 2014 record.
The offering valued the oil producer at roughly $1.7 trillion at its initial price. Saudi Aramco is majority-owned by the Saudi Arabian government, so only a small portion of the company was offered to public investors.
The IPO is often discussed alongside market-cap rankings because its listing immediately made Saudi Aramco one of the world’s most valuable public companies. Proceeds, however, measure money raised in the offering, while market capitalization measures the value of all outstanding shares.