Saudi Aramco had the world’s largest initial public offering when it debuted on the stock market in December 2019.
Saudi Aramco sold shares on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering raised about $29.4 billion after an additional share-allotment option, making it larger than Alibaba’s 2014 IPO at the time.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the government of Saudi Arabia. It is one of the world’s largest oil producers and operates across exploration, production, refining, chemicals, and distribution.
An IPO valuation is not identical to a company’s later market capitalization. The amount raised depends on the number of shares sold and their offering price, while market capitalization reflects the value of all outstanding shares at current market prices.