Saudi Aramco IPO: Timeline of Its Long-Awaited Market Debut

Shares sit just below the adjusted IPO price 2026

Almost seven years after listing, Aramco shares were trading around SAR 25.7 in mid-October 2026, inside a 52-week range of roughly SAR 23.3 to SAR 28. After the two bonus issues of 2022 and 2023, the SAR 32 IPO price is equivalent to about SAR 26.45, so the share price was slightly below where IPO buyers started, before counting dividends.

The market value, about $1.66 trillion, was close to the $1.7 trillion set at the IPO.

Hormuz shock lifts profits 2026

With shipping through the Strait of Hormuz severely disrupted, Aramco rerouted crude to its Red Sea terminals through the East-West Pipeline, which it ran at its maximum 7 million barrels a day. Higher oil prices lifted second-quarter adjusted net income by 33% to $33.4 billion, and first-half adjusted income reached $67.2 billion.

The board declared a second-quarter base dividend of $21.9 billion.

Aramco loses the IPO record Milestone

After six and a half years at the top, Aramco’s record ended when SpaceX priced its Nasdaq IPO at $135 a share on 11 June 2026, raising about $75 billion, more than two and a half times Aramco’s total including the greenshoe.

The state still owns almost all of it Ownership

According to Aramco’s 2025 annual report, the government held about 81.48% of the company directly at the end of 2025, and the Public Investment Fund and its wholly owned companies held 16%. Public shareholders, including the 2019 and 2024 buyers, held the rest, about 2.5%.

2025 also brought a sharp cut in payouts: Aramco reduced its performance-linked dividend, so total dividends for the year fell to about $85 billion from roughly $124 billion in 2024.

A second public sale, at a lower price Milestone

The government returned to the market with a secondary public offering of about 0.64% of Aramco. After a price range of SAR 26.70–29 announced on 30 May, the final price was set at SAR 27.25 on 7 June 2024, raising about $11.2 billion. The over-allotment option took the total to about $12.35 billion, or roughly 0.7% of the shares.

Unlike in 2019, the deal was marketed widely abroad, and foreign investors were reported to have provided more than half of the demand.

Another 8% moves to the PIF Ownership

Crown Prince Mohammed bin Salman announced the transfer of a further 8% of Aramco to companies wholly owned by the Public Investment Fund, bringing the fund’s total to 16% and reducing the government’s direct stake to about 82.19%.

4% to Sanabil, plus a second bonus issue Ownership

The government transferred another 4% of Aramco to Sanabil Investments, a company wholly owned by the PIF, cutting its direct stake to about 90.19%. In May shareholders approved a second one-for-ten bonus share issue, after a first one in 2022.

Briefly the world’s most valuable company again Milestone

Soaring oil prices pushed Aramco’s market value to about $2.43 trillion, overtaking Apple, which had passed it in July 2020, as the world’s most valuable listed company.

First 4% stake transferred to the PIF Ownership

The government transferred 4% of Aramco to the Public Investment Fund, the country’s sovereign wealth fund. It was a transfer within the state, not a sale to the public, but it began a gradual shift of Aramco shares to the fund.

A pandemic year tests the new listing Risk

Within months of listing, Aramco faced a Saudi-Russian price war in March 2020 and the collapse in demand caused by COVID-19. Its profits fell sharply, yet it kept its promised $75 billion annual dividend, partly by borrowing.

On 31 July 2020 Apple overtook Aramco as the world’s most valuable listed company.

The greenshoe lifts the IPO to $29.4 billion Milestone

The banks managing price stabilisation exercised the over-allotment (greenshoe) option, selling 450 million additional shares at SAR 32. That raised the total IPO to 3.45 billion shares, about 1.725% of the company, and lifted proceeds from $25.6 billion to about $29.4 billion.

A brief touch of $2 trillion Milestone

On its second day of trading, the stock rose another 10% to SAR 38.70 in early trading, briefly pushing Aramco’s value above the $2 trillion target the crown prince had talked about since 2016. It closed lower, at SAR 36.80, valuing the company at about $1.96 trillion.

Aramco lists on Tadawul Milestone

Aramco began trading on the Saudi Exchange (Tadawul). The shares opened at SAR 35.20, 10% above the SAR 32 offer price and the maximum daily rise allowed, and stayed there. That made Aramco, at about $1.88 trillion, the world’s most valuable listed company.

Final price: SAR 32 Milestone

After the institutional book closed on 4 December, Aramco set the final offer price at SAR 32, the top of the range. The base deal sold 3 billion shares, 1.5% of the company, for SAR 96 billion, or about $25.6 billion, implying a valuation of $1.7 trillion.

Total subscriptions reached about SAR 446 billion, around 4.65 times the shares on offer, with institutions taking most of the allocation and about 4.9 million individuals subscribing.

Price range of SAR 30–32; subscriptions open Milestone

Aramco set an indicative price range of SAR 30–32 a share and opened subscriptions. The range valued the company at between $1.6 trillion and $1.7 trillion, clearly below the $2 trillion figure. Retail investors could apply until 28 November; institutions until 4 December.

The prospectus is published Milestone

Aramco released its IPO prospectus, giving investors the most detailed public view of its finances, reserves and risks so far. It did not yet name the size of the offering or the price range. The risk section covered oil prices, government control, climate policy and attacks such as the September strike on Abqaiq.

Intention to float on Tadawul Milestone

After almost four years of planning and delay, Aramco formally announced its intention to float on the Main Market of Tadawul. The Capital Market Authority approved the listing the same day. There would be no international listing for now.

The Abqaiq attack Risk

Strikes on the Abqaiq crude-processing plant and the Khurais oilfield temporarily cut about 5.7 million barrels a day, roughly half of Saudi output. Aramco restored production within weeks, but the attack made the security of its facilities a central question for IPO investors.

SABIC deal and a record bond Milestone

With the IPO on hold, Aramco agreed to buy 70% of SABIC from the PIF for $69.1 billion, giving the fund the cash the IPO had been meant to raise. To help pay for it, Aramco sold its first international bonds in April: $12 billion, with more than $100 billion of orders.

The bond prospectus was the first public look at Aramco’s accounts. It showed 2018 net income of $111.1 billion, more than any other company in the world.

The timetable slips Delay

The original plan was to list in 2018. It did not happen. In August 2018 several reports said the IPO had been put on hold, after disagreements about the valuation and the listing venue. Saudi officials said the government remained committed and that timing depended on market conditions and the SABIC deal.

Making Aramco listable Milestone

Before it could be sold, Aramco had to look like a normal company. In March 2017 the government cut Aramco’s income tax rate from 85% to 50%, raising its reported profits, and later changed the royalty regime. Exchanges in New York, London and Hong Kong competed for a foreign listing.

On 1 January 2018 Aramco formally became a joint-stock company, with shares, a board and the legal structure needed for a listing.

Vision 2030 and the $2 trillion idea Milestone

Saudi Arabia launched Vision 2030, a plan to reduce dependence on oil revenue. Its central financial idea was to sell less than 5% of Aramco and move the company into the Public Investment Fund, turning it into a giant sovereign fund. Mohammed bin Salman said Aramco was worth $2 trillion or more.

The IPO idea goes public Milestone

In an interview with The Economist, then Deputy Crown Prince Mohammed bin Salman said the kingdom was considering an IPO of Aramco and that he was personally enthusiastic. The next day Aramco confirmed it was studying options, including listing shares in the company or a group of its downstream subsidiaries.

Saudi Aramco is created Milestone

A royal decree created the Saudi Arabian Oil Company, Saudi Aramco, to take over the assets and operations of the Arabian American Oil Company. It later expanded into refining, chemicals, shipping and international joint ventures.

The state buys out the US owners Milestone

The Saudi government bought into the Arabian American Oil Company, then owned by four US oil companies: 25% in 1973, 60% in 1974, and full ownership by 1980, backdated to 1976.

Concession and discovery Milestone

Saudi Arabia granted an oil concession to Standard Oil of California in May 1933. After years of dry holes, Dammam No. 7 struck commercial quantities of oil in March 1938, the start of the industry that would make Aramco the world’s largest oil producer.