Saudi Arabia’s state-owned oil company Saudi Aramco has raised $25.6bn (£19.4bn) in its initial public offering in Riyadh.
The company relied on domestic and regional investors to sell 1.5% stake raising a record $25.6bn. The investment surpassed that of China’s Alibaba, which raised $25bn in New York in 2014.
The IPO is part of Crown Prince Mohammed bin Salman’s strategy to modernize the economy and reduce the country’s dependence on oil.
The company had undertaken to raise $100bn through listings on its Tadawul bourse and an overseas exchange such as the London Stock Exchange.
However, the listing received lukewarm reception with foreign investors raising concerns such as lack of corporate transparency, political risk and climate change.