Saudi Aramco initially targeted a market capitalization of $2 trillion for its planned IPO before its 2019 valuation settled near $1.9 trillion.
Saudi Crown Prince Mohammed bin Salman publicly promoted a $2 trillion valuation for Saudi Aramco before the company listed shares. When the IPO was priced in December 2019, the implied valuation was approximately $1.9 trillion.
The difference came from the final offering price and the number of shares sold. At 32 Saudi riyals per share, the IPO raised about $25.6 billion before the additional share-allotment option was considered.
The listing formed part of Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the economy beyond oil. Proceeds and the broader public offering were intended to support investment and economic transformation while retaining state control of the company.