Which energy company had the world's largest IPO when it went public in 2019?

Saudi Aramco had the world's largest initial public offering when it went public in 2019.

Saudi Aramco raised about $25.6 billion in its December 2019 IPO on the Saudi Stock Exchange, known as Tadawul. The offering initially valued the company at about $1.7 trillion, and an additional share sale later increased the total raised to roughly $29.4 billion.

The company is formally known as Saudi Arabian Oil Company and is headquartered in Dhahran, Saudi Arabia. It remains closely linked to Saudi Arabia’s economy because the state retains majority ownership. Its business covers oil exploration, production, refining, chemicals, and distribution.

The record is about the amount raised in an IPO, not necessarily the company’s highest market capitalization. Saudi Aramco’s listing was also notable because it was limited mainly to the Saudi market rather than being a simultaneous global listing. Alibaba’s 2014 offering had previously held the IPO record.