Saudi Aramco had the world’s largest initial public offering by proceeds in December 2019.
Saudi Aramco sold shares on the Saudi Stock Exchange in December 2019 and raised about $25.6 billion in the offering. An additional allotment later increased the total to about $29.4 billion, surpassing Alibaba’s 2014 IPO.
The company is Saudi Arabia’s state-controlled oil producer and one of the world’s largest integrated energy companies. Its scale, reserves, production, and profitability made the listing a major event for global equity markets.
IPO proceeds measure money raised by selling newly listed or offered shares. They are different from market capitalization, which measures the market value of all outstanding shares. Saudi Aramco’s enormous valuation made it a frequent entrant in global market-cap comparisons.