Saudi Aramco held the record for the world’s largest initial public offering in 2019.
Saudi Aramco sold shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering raised about $29.4 billion, including an overallotment option, and briefly gave the company a valuation near $2 trillion.
Aramco is Saudi Arabia’s state-controlled oil and gas company. It traces its corporate history to the California-Arabian Standard Oil Company, formed in 1933, and became fully owned by the Saudi government in 1980.
The IPO record concerns money raised from selling newly listed shares, not simply the company’s total market capitalization. Market value can rise or fall after listing as investors trade the stock. Aramco remains one of the largest publicly traded companies by valuation and one of the world’s biggest oil producers.