Saudi Aramco held the record for the world’s largest initial public offering in 2019.
Saudi Aramco’s IPO took place on the Saudi Stock Exchange in December 2019. The offering raised about $25.6 billion, making it the largest IPO at the time. The company later exercised an over-allotment option, bringing the total raised to about $29.4 billion and surpassing Alibaba’s 2014 offering.
Saudi Aramco is Saudi Arabia’s state-controlled oil and gas company and one of the world’s largest integrated energy businesses. Its operations span crude-oil production, refining, petrochemicals, natural gas, and international marketing. The listing sold only a small portion of the company, leaving the Saudi government as the dominant shareholder.
The IPO record is separate from the company’s market-cap milestones. An initial public offering measures money raised by selling newly listed shares, while market capitalization estimates the value of all outstanding shares at a given share price.