Saudi Aramco had the world’s largest IPO, valuing the company at about $1.9 trillion in December 2019.
Saudi Aramco sold shares on the Saudi Stock Exchange in December 2019. The offering raised about $25.6 billion, and an additional share-allotment option later increased the proceeds to roughly $29.4 billion, making it the largest initial public offering at the time.
The company is Saudi Arabia’s state-owned oil producer and one of the world’s most important energy businesses. Its valuation was supported by enormous oil reserves, large production capacity, refining operations, and an established global customer base.
The IPO valuation was not exactly the same as a continuously traded market cap in every moment. Only a small portion of the company was initially offered to public investors, while the Saudi government retained the overwhelming majority of shares. That ownership structure distinguishes Aramco from widely dispersed public corporations.