Saudi Aramco conducted the world’s largest initial public offering in 2019.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering raised about $29.4 billion after an additional share-allocation option was exercised, making it the largest IPO recorded at the time.
Saudi Aramco offered shares equivalent to roughly 1.5 percent of the company. The listing formed part of Saudi Arabia’s Vision 2030 economic strategy, which aims to diversify the country’s economy beyond oil and expand investment opportunities.
The IPO is distinct from the company’s much larger total market value. Selling a small percentage of shares to the public can establish a market price for the entire company, which is why an IPO’s proceeds and market capitalization are different measurements.