Which Saudi Arabian oil company had the world’s largest IPO in 2019?

Saudi Aramco had the world’s largest initial public offering in 2019.

Saudi Aramco listed shares on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering raised about $25.6 billion, and an additional overallotment later increased the total to about $29.4 billion. The listing valued the company at roughly $1.7 trillion at the offering price.

The company is formally known as Saudi Arabian Oil Company and is headquartered in Dhahran. It is majority owned by the government of Saudi Arabia and operates across oil exploration, production, refining, chemicals, and distribution.

The IPO is sometimes confused with the company’s later market-value milestones. Saudi Aramco briefly reached about $2 trillion in market capitalization during its first trading days, while its exact ranking among the world’s most valuable companies changes as share prices move.