Saudi Aramco IPO (2019)
Saudi Arabia listed 1.5% of state oil company Aramco on the Tadawul exchange at a $1.7 trillion valuation, raising $25.6 billion. The company had been pitching a $2 trillion price for three years; international investors balked, and the Saudis listed mostly to domestic and Gulf buyers.
Shares popped 10% on debut and briefly pushed Aramco's market cap above $2 trillion. International institutions stayed on the sidelines.
Aramco remains the largest IPO on record by money raised, but the foreign-investor gap meant the deal never delivered the global financial-center status Riyadh wanted.
Aramco shows that a trillion-dollar headline number depends on which buyers actually show up. OpenAI's underwriters need U.S. institutions, not just AI enthusiasts, to anchor a $1T+ book.
