Saudi Aramco’s 2019 initial public offering was the world’s largest initial public offering.
Saudi Aramco sold shares on the Saudi Stock Exchange in December 2019. The offering initially raised about $25.6 billion, giving the company an implied valuation of approximately $1.7 trillion. An additional share-allotment option later increased the proceeds to about $29.4 billion, surpassing Alibaba’s 2014 IPO.
Saudi Aramco is the national oil company of Saudi Arabia and traces its origins to the 1933 oil concession granted to Standard Oil of California. Large-scale production began after oil was discovered at the Dammam No. 7 well in 1938. The company became fully owned by the Saudi government in 1980.
The IPO made Saudi Aramco one of the world’s most valuable listed companies, although its valuation has moved with oil prices, production expectations, and investor access. The company listed only a small portion of its total shares, retaining government control.