Saudi Aramco’s 2019 initial public offering was the largest in history at the time and briefly implied a $2 trillion value.
Saudi Aramco sold shares on Saudi Arabia’s stock exchange in December 2019. The offering raised approximately $25.6 billion, and an additional share-allotment option later increased the total to about $29.4 billion, making it the largest IPO recorded at that time.
The company is central to Saudi Arabia’s petroleum industry and manages enormous oil and gas resources. Its listing was part of a broader effort to increase the role of capital markets and support Saudi economic diversification.
The $2 trillion valuation came from multiplying the share price by the company’s total share count. It was not the amount raised in the IPO: the funds raised were far smaller than the company’s implied total market value.