Saudi Aramco’s 2019 IPO on Saudi Arabia’s Tadawul raised about $25.6 billion, making it the largest IPO at the time.
Saudi Aramco, formally Saudi Arabian Oil Company, sold shares to the public in December 2019. The initial offering raised approximately $25.6 billion, and an over-allotment option later increased the total to about $29.4 billion. The shares trade on the Saudi Stock Exchange under the symbol 2222.
The offering was part of Saudi Arabia’s Vision 2030 program, which seeks to diversify the kingdom’s economy beyond oil. Saudi Aramco remains closely associated with Saudi Arabia’s petroleum industry and is one of the world’s most important oil producers.
The IPO briefly gave the company a valuation near $2 trillion. That figure differs from the amount raised: an IPO’s proceeds are the money received from selling shares, while market capitalization is the value of all outstanding shares.