Saudi Aramco had the world’s largest initial public offering, raising about $25.6 billion in 2019.
The Saudi Arabian Oil Company sold shares on the Tadawul stock exchange in December 2019. Strong demand led the company to exercise an overallotment option, lifting the total raised to approximately $29.4 billion; the initial base offering was about $25.6 billion.
Saudi Aramco is one of the world’s largest integrated energy companies and is majority-owned by the government of Saudi Arabia. Its operations include crude-oil production, refining, chemicals, natural gas, and energy trading.
The IPO also produced an enormous market valuation. On its second trading day, the company briefly reached about $2 trillion, although market capitalization later moved with oil prices and share performance. Alibaba’s 2014 IPO had previously held the record for the largest offering.