Saudi Aramco conducted its initial public offering in 2019.
The company listed shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering became one of the largest initial public offerings in history and was a major part of Saudi Arabia’s plan to diversify its economy and develop its capital markets.
Saudi Aramco sold a minority stake, while the Saudi government retained overwhelming ownership. The company’s shares began trading after the offering, giving public investors a direct interest in a portion of the national oil champion.
The IPO was discussed internationally for years before it occurred, creating confusion about the date. It did not take place in 2017, 2020, or 2021. The listing also differed from a full privatization: the government remained the controlling shareholder.