Saudi Aramco’s 2019 stock-market debut created the largest initial public offering ever by proceeds raised.
Saudi Aramco raised about $25.6 billion in its December 2019 initial public offering on the Saudi Stock Exchange. The company later exercised an overallotment option, bringing total proceeds to roughly $29.4 billion, a record that surpassed Alibaba’s 2014 offering.
The IPO valued Saudi Aramco at about $1.7 trillion at its initial pricing, with early trading briefly putting its market value near $2 trillion. A company’s IPO proceeds and its market capitalization are different measurements: proceeds describe money raised by selling shares, while market capitalization reflects the value of all outstanding shares.
Saudi Aramco is Saudi Arabia’s state-controlled oil company and one of the world’s largest integrated energy businesses.