Saudi Aramco completed the largest initial public offering in history in December 2019.
Saudi Aramco sold shares on the Saudi Exchange in December 2019 and raised about $25.6 billion in the offering. An overallotment option later increased the amount to approximately $29.4 billion, making it the largest IPO recorded at the time.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the government of Saudi Arabia. It is one of the world’s largest integrated energy companies, with operations spanning crude-oil production, refining, chemicals, and distribution.
The IPO was part of Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the country’s economy beyond oil. Its enormous valuation placed Saudi Aramco among the world’s most valuable listed companies, although its market rank changes as energy prices and global share prices move.