What was Saudi Aramco’s approximate valuation at its 2019 initial public offering?

Saudi Aramco had an approximate valuation of $1.7 trillion at its 2019 initial public offering.

Saudi Aramco priced its shares at 32 Saudi riyals each in December 2019, giving the company an implied valuation of about $1.7 trillion. The offering sold a relatively small portion of the state-owned oil company, while the Saudi government retained overwhelming ownership.

The IPO raised about $25.6 billion, making it the largest initial public offering at the time. A greenshoe option later increased the proceeds to about $29.4 billion, reinforcing the offering’s position as a major event in global capital markets.

The valuation was below the roughly $2 trillion target publicly discussed by Saudi Crown Prince Mohammed bin Salman, but it still placed Aramco among the world’s most valuable listed companies. Its value is especially sensitive to oil prices, production expectations, geopolitical risk, and investor views about the long-term transition away from fossil fuels.