Saudi Aramco set a record as the world’s largest initial public offering in 2019.
The state oil company listed shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering initially raised about $25.6 billion, and an additional share sale later increased the total to roughly $29.4 billion, surpassing the previous IPO record.
Saudi Aramco is one of the world’s largest integrated energy companies. Its operations include crude-oil exploration and production, refining, chemicals and distribution. Because its profits and valuation are closely connected to energy markets, oil prices are an important influence on investor expectations.
The IPO also made Saudi Aramco one of the world’s most valuable listed companies by market capitalization. An IPO raises money by selling shares to public investors, while market capitalization measures the value of all publicly traded shares after listing.