In a world biggest IPO, Saudi Aramco sets off to raise a record US$25.6bn with its IPO on 5 December. The company sold shares for 32 Saudi riyals (US$8.53) each, which gave it a market valuation of US$1.7tn when shares started trading on 11 December. Shares increased 10% when they started trading. The valuation fell short of the US$2tn desired by Crown Prince Mohammed bin Salman. The giant state-owned oil monopoly did succeed in achieving the biggest IPO in history, raising the US$25.6 billion by selling 1.5% of the company. The Saudi Arabia government initially considered floating 5% of the company in 2018, but the project was shelved following concerns about legal complications in the USA, doubts about the valuation and international outrage after the murder of journalist Jamal Khashoggi in a Saudi consulate in Turkey.
