Saudi Aramco listed on Tadawul on 11 December 2019 after pricing its IPO at SAR 32 a share on 5 December. It sold 3 billion shares (1.5%) for about $25.6 billi…
Five years after a 1933 concession to Standard Oil of California, Dammam No. 7 struck commercial oil.
US oil firms did. Saudi Arabia bought 25% in 1973, 60% in 1974 and all of it by 1980.
Mohammed bin Salman told The Economist he was 'personally enthusiastic' about listing Aramco.
To fund Vision 2030. Less than 5% would be sold, at a value of $2 trillion or more.
Aramco's income tax was cut from 85% to 50%, and it became a joint-stock company on 1 January 2018.
Investors would not pay $2 trillion. Aramco bought 70% of SABIC for $69.1bn; its bond revealed $111bn profit.
Strikes briefly cut about 5.7 million barrels a day, half of Saudi output. It was restored within weeks.
Only on Tadawul in Riyadh. New York and London were dropped; the government stayed in control.
A SAR 30-32 range came on 17 November. The SAR 32 price came on 5 December: $25.6bn, $1.7tn value.
At SAR 35.20, up 10%, the daily limit. The next day it briefly topped $2 trillion.
The greenshoe sold 450 million more shares: 3.45 billion, about 1.725%, the largest IPO until 2026.
16% moved to the PIF, and about 0.7% was sold at SAR 27.25 in June 2024 for about $12.35bn.
SpaceX's $75bn IPO broke the record in June. Hormuz disruption lifted profits; shares near SAR 25.7.
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