Saudi Aramco raised about $25.6 billion in the world’s largest initial public offering in 2019.
Saudi Aramco’s shares began trading on the Saudi Exchange in December 2019. The company sold a 1.5% stake, raising approximately 96 billion Saudi riyals, or about $25.6 billion at the time. The offering valued the company at roughly $1.7 trillion.
Saudi Aramco is the national oil company of Saudi Arabia and is one of the world’s largest oil producers. Its operations include exploration, production, refining, chemicals, and distribution, giving it a vertically integrated position across much of the energy industry.
The IPO is relevant to market-cap comparisons because listing a portion of a company’s shares creates a public-market price that can be used to calculate its equity value. The company remained majority-owned by the Saudi government after the offering.