Saudi Aramco conducted the world’s largest initial public offering in 2019, raising about $29.4 billion.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, sold shares on the Saudi Exchange in December 2019. The company initially offered 1.5% of its shares at 32 Saudi riyals each, raising approximately $25.6 billion. An additional over-allotment option increased the total to about $29.4 billion.
The offering valued Aramco at roughly $1.7 trillion, making it one of the world’s most valuable publicly traded companies from its first day of trading. Its enormous valuation reflected its giant oil reserves, high production capacity, and central role in Saudi Arabia’s economy.
People sometimes confuse the IPO’s money raised with the company’s total market capitalization. The $29.4 billion figure is the capital raised from shares sold, while the roughly $1.7 trillion figure represents the market value of the entire company.