Saudi Aramco had the world’s largest initial public offering in 2019.
The company raised about US$25.6 billion when it listed shares on the Saudi Stock Exchange, known as Tadawul. An overallotment option later increased the deal to about US$29.4 billion, making it the largest IPO at the time.
Saudi Aramco is the national oil company of Saudi Arabia and one of the world’s largest integrated energy companies. Its operations include crude-oil production, refining, chemicals, natural gas, and marketing. The company’s enormous reserves and production scale underpin its importance in global energy markets.
An initial public offering is the first sale of a company’s shares to public investors. It should not be confused with market capitalization: the IPO measures capital raised, while market capitalization measures the market value of all publicly traded shares.