World's Biggest IPO: Saudi Aramco

  • Dec 06, 2019 AEDT
  • Team Kalkine

Saudi Aramco, Saudi Arabia’s giant state-owned oil company, just pulled off the biggest IPO in history, raising $25.6 billion. The company sold 3 billion shares at an initial price of 32 riyals ($8.53). It intends to sell 1.5 percent of the company, three billion shares and at this price Aramco will be worth $1.7 trillion.

The mammoth stock exchange entrance would fund Crown Prince Mohammed bin Salman's Vision 2030 plan to prevent the kingdom off oil and create other sectors of its economy, while announcing to foreign investors and  multinational companies that Saudi Arabia is open for business. The country immediately needs tens of billions of dollars to develop new industries and fund megaprojects.

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