Saudi Aramco held the world’s largest initial public offering when it began trading in 2019.
The Saudi Arabian Oil Company sold shares on the Tadawul stock exchange in Riyadh in December 2019. The offering raised about $25.6 billion, and an additional share-allotment option later lifted the total to roughly $29.4 billion. The company priced its shares at 32 Saudi riyals each.
Saudi Aramco is one of the world’s biggest oil producers and is majority owned by the Saudi government. Its enormous reserves, production scale, and profitability have made it one of the most valuable listed companies by market capitalization. The IPO was smaller than the government’s initially discussed ambitions, but it surpassed Alibaba’s 2014 offering.