Saudi Aramco valued at $1.7 trillion in world record IPO

The Saudi government will retain a 98.5% stake in what will be the most valuable public company ever

An employee walks past crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. Saudi
Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia
(Image credit: © 2018 Bloomberg Finance LP)

Saudi Aramco, Saudi Arabia’s state-owned oil company, has raised $25.6bn (£19.5bn) with an initial public offering of a 1.5% stake in the company, an amount that values the oil giant at $1.7 trillion (£1.3 trillion).

The sum makes the oil behemoth the most valuable company in the world, surpassing tech giants Apple, Google, Microsoft, and Amazon. Its IPO is expected to be the world’s biggest ever, moving ahead of Alibaba’s record $25 billion 2014 filing.

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William Gritten

William Gritten is a London-born, New York-based strategist and writer focusing on politics and international affairs.