Which Saudi company became the world’s largest initial public offering in 2019?

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

The state-owned Saudi Arabian Oil Company sold shares on the Saudi Stock Exchange in December 2019. The offering raised about $25.6 billion, making it the largest IPO recorded at the time; an additional share sale later increased the total to about $29.4 billion.

Saudi Aramco’s enormous valuation came from its leading position in global oil production, vast reserves, and strategic importance to Saudi Arabia. Its IPO was also part of the country’s Vision 2030 effort to diversify the economy and develop non-oil industries.

The company is sometimes described simply as Aramco. Its market value has fluctuated with oil prices, production expectations, and broader investor sentiment, so rankings based on market capitalization can change over time.