Saudi Aramco’s 2019 stock-market debut became the largest initial public offering ever by funds raised.
Saudi Aramco raised about $25.6 billion in its December 2019 initial public offering on the Saudi Exchange. After an additional share sale, the total rose to approximately $29.4 billion, preserving the record for the largest IPO by proceeds.
The company is Saudi Arabia’s national oil company and one of the world’s largest oil producers. Its listing offered only a small portion of the business to public investors, while the Saudi government retained overwhelming control.
Saudi Aramco is often compared with Alibaba, whose 2014 New York listing held the earlier IPO record. An IPO record concerns money raised from newly sold shares; it is not automatically the same as the highest market capitalization or the largest company by revenue.