Saudi Aramco IPO

About Saudi Aramco IPO

Saudi Aramco went public on December 11, 2019, the largest IPO in history. The company raised 25.6 billion dollars, valuing Aramco at 1.7 trillion. The IPO was offered only on the Saudi exchange after international investors balked at the valuation. Aramco briefly reached a 2 trillion valuation. The IPO was central to Crown Prince Mohammed bin Salams Vision 2030 plan to diversify the Saudi economy. Aramco produces about 12 percent of global oil and has the lowest production costs in the industry. The IPO attracted enormous retail investment from Saudi citizens.