Saudi Aramco held the record for the largest initial public offering, raising about US$29.4 billion in 2019.
Saudi Aramco, formally Saudi Arabian Oil Company, listed shares on the Saudi Stock Exchange in December 2019. The offering initially raised about US$25.6 billion, and an additional share-allotment option increased the total to approximately US$29.4 billion.
The company is one of the world’s largest integrated energy businesses and is majority owned by the government of Saudi Arabia. Its operations include crude-oil exploration and production, refining, chemicals, and distribution.
A large IPO does not automatically make a company the world’s most valuable by market capitalization. IPO proceeds are the money raised by selling newly issued shares, while market capitalization is the value of all outstanding shares at a given market price. Those figures can move independently after trading begins.