Saudi Aramco raised about $29.4 billion in the world’s largest initial public offering in December 2019.
The state-owned oil giant sold shares on the Saudi Stock Exchange, known as Tadawul. The original offering raised roughly $25.6 billion, and an over-allotment option increased the total to approximately $29.4 billion. The listing valued Saudi Aramco at around $1.7 trillion.
Saudi Aramco’s offering was notable because the company is one of the world’s largest oil producers and because the flotation formed part of Saudi Arabia’s Vision 2030 economic strategy. The plan seeks to diversify the kingdom’s economy and reduce its dependence on oil revenues.
The record is about the amount raised in an IPO, not necessarily the company with the largest market capitalization. Saudi Aramco briefly reached a valuation near $2 trillion after listing, while its market value has since moved with oil prices, production expectations, and investor demand.