Saudi Aramco had the world’s largest initial public offering when it listed shares in December 2019.
The Saudi Arabian oil company sold shares on the Tadawul stock exchange in Riyadh. The offering raised about $25.6 billion, giving the company an initial valuation of approximately $1.7 trillion. An additional share-allotment option later increased the proceeds to about $29.4 billion.
Saudi Aramco’s listing was part of Saudi Arabia’s broader economic diversification strategy, often associated with Vision 2030. The company remained majority-owned by the Saudi government, so the IPO represented only a minority stake rather than a complete privatization.
The IPO surpassed Alibaba’s 2014 offering, which had raised about $25 billion at the time. Saudi Aramco’s market value has moved with oil prices, production expectations, and investor sentiment, so its position among the world’s largest companies can change even when the company’s underlying operations remain substantial.