Saudi Aramco raised US$29.4 billion in its 2019 initial public offering.
Saudi Aramco listed shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering was initially valued at US$25.6 billion, but an over-allotment option increased the final amount to approximately US$29.4 billion, making it the largest IPO at that time.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the government of Saudi Arabia. It operates across oil exploration, production, refining, chemicals, and distribution, giving it an unusually broad position in the energy industry.
The IPO is sometimes confused with Alibaba’s 2014 listing, which was the largest IPO before Saudi Aramco’s offering. Market value after listing also changes with the share price and is separate from the amount raised in the IPO.