Saudi Aramco, among the world's most valuable listed companies, held its initial public offering on Tadawul, Saudi Arabia’s stock exchange.
The offering took place in December 2019 and made shares in the state-controlled oil company available to public investors. Saudi Aramco sold a minority stake while the Saudi government retained overwhelming ownership.
The listing was part of Saudi Vision 2030, an economic strategy that includes diversifying national income beyond oil. The proceeds and valuation also attracted intense international attention because Saudi Aramco is one of the world’s largest oil producers.
Tadawul is the common name for the Saudi Stock Exchange. It is not the same as the Nasdaq, London Stock Exchange, or Hong Kong Stock Exchange, all of which host major international companies but did not host Saudi Aramco’s IPO.