Saudi Aramco became the world’s largest IPO by raising about $25.6 billion in December 2019.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering initially raised approximately $25.6 billion, and an additional share sale later increased the total to about $29.4 billion, reinforcing its record status.
The company is Saudi Arabia’s state-controlled oil producer and is formally known as the Saudi Arabian Oil Company. Its enormous reserves, production capacity, and role in the national economy made it one of the world’s most valuable listed businesses.
The IPO is sometimes described simply as a $25 billion offering because that was the original target. It is also important not to confuse market capitalization with IPO proceeds: the former values all listed shares, while the latter measures the money raised by selling shares.