Saudi Aramco raised about US$25.6 billion in its 2019 initial public offering, the largest IPO at the time.
The company began trading on the Saudi Exchange in December 2019 after selling shares representing approximately 1.5% of its equity. The offering valued Saudi Aramco at about US$1.7 trillion, making it one of the world’s most valuable listed companies.
Saudi Aramco is formally known as Saudi Arabian Oil Company and is majority-owned by the government of Saudi Arabia. Its operations cover crude-oil production, natural gas, refining, chemicals, and international energy investments.
The IPO was part of Saudi Arabia’s Vision 2030 economic program, which seeks to diversify the kingdom’s economy beyond oil. The offering is often compared with Alibaba’s 2014 listing, which was the largest IPO before Aramco’s deal.