Saudi Aramco became the world’s largest initial public offering when it listed shares in December 2019.
The company raised about US$29.4 billion in its IPO after exercising an overallotment option, surpassing Alibaba’s 2014 offering. Saudi Aramco sold a minority stake on the Saudi Stock Exchange, while the Saudi government retained the overwhelming majority of the company.
The listing initially valued Saudi Aramco at about US$1.7 trillion. Its valuation briefly moved above US$2 trillion during the first trading days, making it one of the world’s most valuable companies by market capitalization.
The company is Saudi Arabia’s national oil producer and is headquartered in Dhahran. Its roots reach back to the 1933 concession that led to the discovery of oil in commercial quantities in the Kingdom during the 1930s.