Saudi Aramco launched the world’s largest initial public offering in 2019, raising about $25.6 billion when its shares began trading in Riyadh.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, sold shares on the Saudi Stock Exchange, or Tadawul. The offering was part of Saudi Arabia’s Vision 2030 strategy, which sought to diversify the economy and develop the country’s capital markets.
Saudi Aramco later exercised an over-allotment option, bringing the offering’s proceeds to about $29.4 billion. That surpassed the previous record set by Alibaba’s 2014 listing.
An IPO raises money by selling shares to public investors. It is separate from market capitalization, which represents the market value of all outstanding shares after trading begins.