Saudi Aramco successfully issues world’s largest IPO; raises a total of $25.60 Billion

Saudi Arabia’s state-owned oil monopoly Saudi Aramco successfully issued the world’s largest IPO after selling 3 Billion shares at 32 Riyals ($8.53) each.

The company was able to raise a total of $25.60 Billion through the IPO issue. The company raised more than China’s Alibaba when it went public in 2014, raising $25 Billion. After the IPO the value of the company was estimated to be $1.70 Trillion, making it the most valuable public company in the world. The top spot was earlier held by Apple with $1.15 Trillion valuation.

The stock is expected to being trading on Tadawul Exchange in Riyadh till the end of this month. Listing on international markets such as New York, London etc. were dropped due to legal complications. Aramco has further promised to pay an annual dividend of $75 Billion through 2024.

However, the cost of oil still remains in focus as OPEC is expected to extend supply cuts. OPEC is due to meet on Thursday in Vienna.