Saudi Aramco conducted the world’s largest initial public offering in 2019, debuting with a valuation near $1.7 trillion.
The Saudi Arabian oil company sold shares on the Saudi Exchange in December 2019. The offering raised about $25.6 billion, making it the largest IPO ever at the time; an additional share option later increased the total to about $29.4 billion.
Saudi Aramco’s valuation was supported by its enormous oil reserves, extensive production network, and central role in Saudi Arabia’s economy. The company’s public listing was part of the kingdom’s Vision 2030 strategy to diversify its economy and develop capital markets.
Saudi Aramco briefly reached a market value of about $2 trillion after trading began. That figure differs from the IPO valuation because market capitalization changes with the share price after listing.