Saudi Aramco held the world's largest initial public offering when it listed shares in December 2019.
The Saudi Arabian Oil Company sold shares on the Saudi Exchange, known as Tadawul. The offering raised about $25.6 billion before an additional share-allocation option increased the total to roughly $29.4 billion, surpassing Alibaba's 2014 offering.
Saudi Aramco is the national oil company of Saudi Arabia and is one of the world's largest integrated energy businesses. Its operations include crude-oil production, refining, chemicals, and distribution.
An IPO raises capital by selling shares to public investors. The size of an offering is different from a company's market capitalization, which changes after listing as the share price moves.