Saudi Aramco achieved the largest initial public offering in history in 2019.
The Saudi Arabian Oil Company, commonly known as Saudi Aramco, sold shares on the Saudi Exchange in December 2019. The offering raised about $25.6 billion, and an additional over-allotment option later increased the total to about $29.4 billion.
Saudi Aramco is one of the world’s largest integrated energy companies. Its operations include exploration, oil and gas production, refining, chemicals, and distribution. The Saudi government retained a dominant ownership stake after the listing.
The IPO’s value is distinct from market capitalization. An IPO measures the money raised by selling newly listed shares, while market capitalization measures the market value of all outstanding shares. Those figures can differ substantially.