Saudi Aramco conducted its initial public offering in 2019. The company listed shares on Tadawul, the Saudi Stock Exchange, in December of that year, in what became one of the largest IPOs ever recorded.
Saudi Aramco is formally known as Saudi Arabian Oil Company. Its history is connected to the discovery and development of oil resources in Saudi Arabia, beginning with the former California-Arabian Standard Oil Company concession in the 1930s. The Saudi government gradually increased its ownership before taking full control in 1980.
The IPO did not mean that Saudi Aramco became privately controlled; the Saudi state remained its dominant shareholder. Market capitalization can vary after listing because the share price changes, while the company’s oil production, reserves, refining, and petrochemical operations are separate measures of its business scale.