Saudi Aramco reached a $1.9 trillion valuation in its 2019 IPO, making it the world's largest public offering by value at that time.
Saudi Aramco, formally Saudi Arabian Oil Company, is Saudi Arabia's state-controlled petroleum giant. Its shares began trading on the Saudi Exchange in December 2019 after the company sold a 1.5% stake to investors. The offering raised about $25.6 billion, later increasing to roughly $29.4 billion when an over-allotment option was exercised.
The IPO valuation was based on a share price of 32 Saudi riyals. That figure briefly made Aramco the world's most valuable listed company, although changes in the prices of technology shares soon affected the ranking. The company remains one of the world's largest oil producers and is a central source of Saudi government revenue.
The IPO is often confused with the world's largest IPO by money raised. Aramco initially surpassed Alibaba's 2014 offering, while later transactions and valuation changes have altered comparisons.