Which energy company had the world's largest initial public offering in 2019?

Saudi Aramco had the world’s largest initial public offering in 2019.

The Saudi Arabian Oil Company sold shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering raised about $25.6 billion, and an additional share-allotment option later increased the total to about $29.4 billion.

Saudi Aramco is one of the world’s largest integrated energy companies and is controlled by the Saudi Arabian government. Its huge oil reserves, production capacity, refining operations, and chemicals business underpin its importance in global energy markets.

The IPO is often confused with the later market-cap ranking of public companies. An IPO measures money raised from newly sold shares, while market capitalization measures the market value of all publicly traded shares. Those are related but different measures.