Saudi Aramco became the world’s largest public-company IPO when it listed in December 2019.
The Saudi Arabian oil company sold shares on the Saudi Exchange in an offering that raised about $25.6 billion. Additional shares were later sold through an over-allotment option, bringing the total to about $29.4 billion.
At its initial listing, Saudi Aramco was valued at roughly $1.7 trillion, and its shares rose enough to give it a market capitalization near $2 trillion. That made it one of the most valuable listed companies in the world.
The company is majority-owned by the Saudi Arabian government. It traces its corporate history to the oil concession that led to the discovery and development of Saudi oil fields, while its modern name is short for Saudi Arabian Oil Company. IPO size and market capitalization are different measures: one describes shares sold, while the other values all shares.