Saudi Aramco had the world’s largest initial public offering when it listed in 2019.
Saudi Aramco raised about $29.4 billion in its 2019 IPO after selling shares on the Saudi Stock Exchange, known as Tadawul. The offering initially raised about $25.6 billion, and an additional share-allotment option increased the total, allowing it to surpass Alibaba’s 2014 IPO.
Saudi Aramco is Saudi Arabia’s state-controlled petroleum and natural-gas company. It traces its origins to the concession granted to Standard Oil of California in 1933, and oil production began at Dammam Well No. 7 in 1938. The company was formally renamed Saudi Aramco in the 1980s.
An IPO is a company’s first sale of shares to the public. Its proceeds and valuation are related but different: the money raised goes to selling shareholders or the company depending on the shares offered, while market capitalization reflects the total value of all listed shares.