Saudi Aramco completed the world’s largest initial public offering in 2019, raising about US$25.6 billion.
Saudi Aramco listed shares on the Saudi Exchange in December 2019. The offering valued the company at about US$1.7 trillion and initially raised approximately US$25.6 billion, making it the largest IPO at the time. The company later exercised an overallotment option, bringing the total raised to about US$29.4 billion.
Saudi Aramco is formally Saudi Arabian Oil Company and is majority owned by the government of Saudi Arabia. Its roots trace to the discovery and development of Saudi oil resources by the Arabian American Oil Company, or Aramco. The Saudi government took full ownership in the 1980s.
The IPO’s proceeds and valuation are not the same thing: proceeds measure money raised by selling shares, while valuation estimates the market value of the whole company. Saudi Aramco is also distinct from the national oil ministry, which sets policy rather than operating as the listed corporation.