Saudi Aramco sold 3 billion shares at 32 riyals ($8.53) each in its IPO, raising $25.6 billion, making it the world’s biggest IPO.
The IPO values Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple, which is worth about $1.15 trillion. It also soared past the previous record IPO, China’s Alibaba when it made its 2014 public debut.
According to CNN, Aramco has promised to pay an annual dividend of $75 billion through 2024. “To some investors, this could make the listing look more like a bond offering with promised payouts and lower risk. Aramco’s stock is expected to begin trading on Tadawul exchange in Riyadh later this month.”
Listing the company is a key element of the Kingdom’s Vision 2030 economic and social reform plans.