Saudi Aramco’s 2019 IPO valued the company at about $1.7 trillion at its offering price. The company sold shares at 32 Saudi riyals each, making the offering one of the largest public listings ever completed.
The IPO made Saudi Aramco a publicly traded company on the Saudi Exchange. The listing was closely watched because it gave outside investors access to a small portion of one of the world’s most important oil businesses while retaining overwhelming state ownership.
The offering value is not the same as the company’s later market capitalization. Once shares trade publicly, the market price changes continuously. Saudi Aramco’s valuation has therefore moved with oil-market conditions, company results, and investor expectations. The IPO is often discussed alongside Alibaba’s 2014 listing, but the two offerings occurred in different markets and years.