Saudi Aramco became the world's largest initial public offering after listing shares in December 2019.
The oil company sold a 1.5% stake on the Saudi Stock Exchange, raising about US$25.6 billion in the offering. An additional share-allotment option later increased the amount raised to about US$29.4 billion, surpassing Alibaba's 2014 IPO.
Saudi Aramco's enormous valuation came from its vast petroleum reserves, high production capacity, and strategic importance to Saudi Arabia. The company was historically state-owned, and the IPO made only a small portion of its equity available to public investors.
IPO proceeds and market capitalization are different measures. The proceeds show how much money the company raised by selling shares; market capitalization reflects the market value of all shares, including those retained by the government.