Which energy company had the world’s largest IPO when it listed in 2019?

Saudi Aramco had the world’s largest IPO when it listed in 2019.

Saudi Aramco sold shares on the Saudi Stock Exchange, Tadawul, in December 2019. The offering raised about $29.4 billion after the company exercised an over-allotment option, making it the largest initial public offering recorded at that time.

The company is formally known as Saudi Arabian Oil Company and is majority owned by the government of Saudi Arabia. It grew out of the oil operations that began with the discovery and development of major petroleum reserves in the kingdom during the twentieth century.

The IPO is often confused with Alibaba’s 2014 New York listing, which was the largest IPO before Saudi Aramco’s offering. IPO size measures money raised from newly listed shares; it is related to, but not identical with, the company’s total market capitalization.