Saudi Aramco raised $29.4 billion in its 2019 initial public offering, making it the largest IPO at the time.
The offering listed shares of Saudi Arabian Oil Company, commonly called Saudi Aramco, on the Saudi Stock Exchange, or Tadawul. The company sold 1.5% of its shares at 32 Saudi riyals each.
Saudi Aramco is the national oil company of Saudi Arabia and traces its origins to an oil concession granted to Standard Oil of California in 1933. Saudi Arabia gradually took control before fully nationalizing the company in 1988.
The IPO amount is sometimes confused with the company’s total valuation. The offering raised cash by selling a small portion of the business, while the implied valuation was approximately $1.7 trillion. Aramco later expanded its listing through an additional offering in 2024.