Saudi Aramco IPO (2019)
Saudi Arabia sold a 1.5% stake in its state oil company at a $1.7 trillion valuation, raising $25.6 billion in the first tranche and $29.4 billion after the greenshoe. The deal listed in Riyadh after Western investors pushed back on the price, and trading was restricted to Saudi and Gulf buyers at launch.
Shares popped 10% on debut, briefly making Aramco the world's most valuable public company.
More than six years later, the stock still trades below its 2019 listing price, and the kingdom has had to issue dividends to keep buyers happy.
Aramco held the IPO size record SpaceX is now breaking, and it sits at almost exactly the same valuation tier as SPCX. The post-listing performance is a cautionary tale for buyers paying 94 times revenue.
