Saudi Aramco's 2019 initial public offering was the world's largest IPO at the time.
The company sold shares on the Saudi Exchange in December 2019. The offering raised approximately $29.4 billion, giving Saudi Aramco a valuation of about $1.7 trillion at its market debut. The proceeds supported Saudi Arabia's economic-diversification plans under Vision 2030, while the state retained overwhelming ownership.
The IPO was notable because Saudi Aramco is one of the world's largest oil producers and because the listing took place on the domestic Saudi market rather than on a major international exchange. The company had discussed a public offering for years before completing the deal.
Alibaba later became associated with the largest IPO by total proceeds after its 2014 New York listing, while Saudi Aramco's deal remained a landmark in energy and sovereign-linked finance.