Saudi Aramco had the world’s largest initial public offering, raising about US$29.4 billion in 2019.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, listed shares on the Saudi 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 listing formed part of Saudi Arabia’s Vision 2030 program, which seeks to diversify the economy beyond oil. Saudi Aramco remains deeply connected to the country’s energy system and is one of the world’s most important crude-oil producers.
Alibaba’s 2014 listing was the previous record IPO by proceeds before Saudi Aramco’s offering. The IPO record concerns money raised from newly sold shares, while market capitalization measures the total market value of all listed shares.