Saudi Aramco raised about $25.6 billion in its 2019 initial public offering, then the largest ever.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, listed shares on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering sold a minority stake while the Saudi government retained overwhelming control. A later greenshoe option increased the total proceeds to approximately $29.4 billion, surpassing Alibaba’s 2014 record.
Saudi Aramco operates across oil exploration, production, refining, chemicals, and distribution. Its enormous reserves and high production capacity have made it one of the world’s most financially significant energy companies and, at times, one of the highest-valued listed companies by market capitalization.
The IPO record is separate from daily market-cap rankings. A company can raise a record amount at listing without remaining the world’s most valuable company every day afterward. The offering was also distinct from Saudi Arabia’s broader economic diversification program, Vision 2030.