Saudi Aramco listed shares in December 2019 at a valuation of about $1.7 trillion, the largest IPO valuation ever.
The Saudi Arabian Oil Company, commonly known as Saudi Aramco, sold shares on the Saudi Stock Exchange, or Tadawul. The offering raised about $25.6 billion, making it one of the largest initial public offerings in history. A later overallotment option increased the proceeds to roughly $29.4 billion.
Saudi Aramco’s valuation reflected its enormous oil reserves, production capacity, and profitability. It was not a conventional technology-company listing: the business is majority-owned by the Saudi government and remains strategically important to the country’s economy.
The IPO was initially discussed at a possible $2 trillion valuation, but the final market value was lower. Market capitalization can move after listing because investors continuously reprice publicly traded shares.