Saudi Aramco was partially privatized in 2019 through the world’s largest initial public offering.
Saudi Aramco’s initial public offering took place on the Saudi Exchange in December 2019. The sale raised about $25.6 billion, and an additional share-allotment option later increased the total to roughly $29.4 billion. The offering valued the company at about $1.7 trillion at the time.
Saudi Aramco is the national oil company of Saudi Arabia and is among the world’s largest integrated energy companies. Its operations include exploration, production, refining, chemicals, and distribution. The Saudi government remains the company’s dominant shareholder, so the IPO represented only a minority ownership stake.
The phrase “largest IPO” refers to the amount raised in an initial public offering, not necessarily the company with the highest market capitalization. Saudi Aramco’s enormous valuation is tied to oil reserves, production capacity, refining assets, energy prices, and its strategic role in Saudi Arabia.