Saudi Aramco’s 2019 IPO was the largest initial public offering ever.
Saudi Aramco sold shares on the Saudi Exchange in December 2019, raising about $25.6 billion in the offering. After an additional share sale, the total proceeds reached roughly $29.4 billion, surpassing Alibaba’s 2014 IPO and establishing a record for the largest IPO.
The offering was part of Saudi Arabia’s plan to diversify its economy and support Vision 2030. Saudi Aramco remained overwhelmingly state-owned after the listing, so the IPO transferred only a small portion of the company’s ownership to public investors.
Saudi Aramco is one of the world’s largest integrated energy companies. Its enormous reserves, oil production, refining operations, and petrochemical interests have made it a regular presence in global company-value comparisons.