Saudi Aramco’s 2019 IPO was the largest public offering in history at the time and valued the company near US$2 trillion.
Saudi Aramco sold shares on the Saudi Stock Exchange in December 2019. The initial offering raised about US$25.6 billion, and an additional allotment later increased the total to roughly US$29.4 billion, surpassing Alibaba’s 2014 offering.
The company is the national oil company of Saudi Arabia and has historically been one of the world’s most profitable businesses. Its valuation was closely tied to oil production, reserves, export capacity, and expectations for future energy demand.
The IPO’s valuation target was politically and financially significant, but market capitalization changed after trading began. This is why reports may distinguish between the valuation at the offering price, the opening market value, and later intraday estimates above US$2 trillion.