Saudi Aramco became the world’s largest initial public offering when it sold shares on the Saudi Stock Exchange in 2019.
The company’s shares began trading in Riyadh on December 11, 2019. The offering raised about $25.6 billion, making it the largest IPO at the time. An additional share-allotment option later increased the total to roughly $29.4 billion.
Saudi Aramco is Saudi Arabia’s national oil company and one of the world’s largest integrated energy businesses. It is particularly known for producing crude oil, refining petroleum, and operating extensive hydrocarbon reserves.
The IPO was part of Saudi Vision 2030, a national program intended to diversify the country’s economy and reduce dependence on oil revenue. The offering was often discussed alongside a proposed $2 trillion valuation, but an IPO’s money raised and a company’s market capitalization are different measurements.