Saudi Aramco held the world’s largest initial public offering when it raised $29.4 billion in 2019.
The state-controlled oil company sold shares on the Saudi Stock Exchange, also known as Tadawul, in December 2019. The original offering raised about $25.6 billion, and an additional share-allotment option increased the total to approximately $29.4 billion.
Saudi Aramco is one of the world’s largest integrated energy companies and operates the giant Ghawar oil field. Its listing gave public investors a stake in a company that had previously been largely owned by the Saudi government.
The IPO is often compared with Alibaba’s 2014 listing, which raised about $25 billion. Depending on whether later allotments are included, contemporary reports may quote different figures for Aramco’s offering, but the completed transaction is commonly cited at $29.4 billion.