Saudi Aramco’s December 2019 IPO was the world’s largest initial public offering at the time.
Saudi Aramco sold shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering raised about $25.6 billion, giving the oil producer a valuation close to $1.9 trillion when trading began.
The company later used an additional share-allocation option, bringing the total amount raised to about $29.4 billion. That exceeded the previous IPO record set by Alibaba in 2014, when the Chinese e-commerce company raised about $25 billion in New York.
Saudi Aramco is the national oil company of Saudi Arabia and traces its origins to an oil concession granted to an American company in 1933. Because its valuation depends heavily on oil prices and production expectations, its market capitalization can change substantially over time.