Which state-owned energy company had the world’s largest IPO in 2019?

Saudi Aramco had the world’s largest initial public offering in 2019.

The Saudi Arabian Oil Company, commonly called Saudi Aramco, sold shares on the Saudi Stock Exchange in December 2019. The offering raised about $29.4 billion after an over-allotment option, making it the largest IPO recorded at that time. Its initial valuation was close to $1.7 trillion.

Saudi Aramco remained majority-owned by the Saudi government after the listing. That structure differs from a fully privatized company: a public share offering can provide market access and raise capital while leaving strategic control with the state.

The company’s importance comes from its enormous oil reserves, production capacity, refining operations, and role in Saudi Arabia’s economy. Its market value has fluctuated with oil prices, production expectations, investor sentiment, and broader energy-market conditions. IPO size measures money raised, while market capitalization measures the value of listed equity.