Saudi Aramco raised about $25.6 billion in its 2019 initial public offering.
The offering took place on the Saudi Stock Exchange, known as Tadawul, in December 2019. The company sold 1.5% of its shares at 32 Saudi riyals each, producing approximately $25.6 billion and making the deal the largest initial public offering recorded at that time.
Saudi Aramco is formally Saudi Arabian Oil Company. It is majority owned by the Saudi Arabian government and operates across oil exploration, production, refining, chemicals, and distribution. Its immense reserves and production capacity have made it one of the world’s most valuable listed companies by market capitalization.
The IPO is often confused with Aramco’s total valuation. The amount raised was the cash received from the shares sold, whereas the company’s implied market value was calculated by valuing all outstanding shares at the IPO price.