Saudi Aramco became the world’s largest IPO when it debuted on the Tadawul in December 2019.
Saudi Aramco sold shares to the public in December 2019, listing them on Saudi Arabia’s Tadawul stock exchange. The offering raised roughly US$25.6 billion, and an additional share sale later increased the total to about US$29.4 billion, surpassing Alibaba’s 2014 offering.
Saudi Aramco is the national oil company of Saudi Arabia and is formally known as Saudi Arabian Oil Company. Its roots reach back to the oil concessions that led to the discovery and development of Saudi petroleum resources in the twentieth century.
An IPO is different from a company’s total market capitalization. The IPO measures the value of shares sold in the offering, while market capitalization reflects the value of all publicly traded shares after listing. That distinction explains why IPO rankings and market-cap rankings are separate lists.