Saudi Aramco, among the world's largest companies by market capitalization, held its initial public offering in 2019.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, listed shares on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering was part of Saudi Arabia's effort to broaden the economy and raise funds associated with Vision 2030.
The company sold about 1.5% of its shares in the IPO. At the time, the offering was widely reported as the largest initial public offering in history by proceeds, surpassing the earlier record set by China's Alibaba Group.
Saudi Aramco remains distinct from publicly traded international oil majors because the Saudi government retains a controlling ownership stake. Its enormous oil reserves and production capacity help explain why its market value can rank alongside the largest technology companies.