Saudi Aramco became the world’s largest IPO when it raised about $29.4 billion in 2019.
The state-controlled Saudi Arabian Oil Company sold shares on the Saudi Exchange in December 2019. The initial offering valued the company at roughly $1.7 trillion, making it one of the world’s most valuable listed businesses from its first trading period.
Saudi Aramco is one of the largest integrated oil and gas companies. Its operations include crude-oil production, refining, chemicals, pipelines, and marketing. Because its earnings are closely tied to energy prices and production levels, its market value can change with the oil market.
The IPO was part of Saudi Arabia’s Vision 2030 economic program, which seeks to diversify the kingdom’s economy. The offering is often confused with a sale of the whole company; it represented only a small minority stake.