Saudi Aramco held the world’s largest IPO when it listed shares in Saudi Arabia in 2019.
The company sold 1.5% of its shares on the Tadawul stock exchange in December 2019. The offering raised about $25.6 billion, giving Saudi Aramco an initial valuation of roughly $1.7 trillion. Its immense valuation made it one of the world’s largest publicly traded companies by market capitalization.
Saudi Aramco is Saudi Arabia’s national oil company and one of the largest integrated energy businesses ever created. Its operations include oil and gas exploration, production, refining, chemicals, and distribution. The Saudi government remains its controlling shareholder.
The IPO is often confused with later share sales and with the largest IPO by inflation-adjusted value. Saudi Aramco’s 2019 offering was the largest by proceeds at the time, surpassing Alibaba’s 2014 listing.