Saudi Aramco conducted its record-setting initial public offering on Tadawul, Saudi Arabia's stock exchange.
The company's shares began trading on Tadawul in December 2019. The listing was a major part of Saudi Arabia's economic reform plans and helped make Aramco one of the world's most valuable listed companies. The IPO raised about $25.6 billion before the exercise of an additional over-allotment option.
Tadawul is the Arabic name commonly used for the Saudi Stock Exchange. It is headquartered in Riyadh and is the principal securities market of Saudi Arabia. International investors can therefore encounter Aramco's valuation through a different market and currency from the New York or London exchanges.
A stock exchange listing does not mean that all of a company's ownership becomes public. Saudi Arabia retained the overwhelming majority of Aramco shares after the IPO, while the public received the listed portion.