Saudi Aramco began trading publicly in 2019 through its landmark initial public offering.
The company listed shares on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering raised about US$25.6 billion initially, making it the largest initial public offering at the time. An additional share-allotment option later increased the total to roughly US$29.4 billion.
Saudi Aramco is the national oil company of Saudi Arabia and traces its roots to the discovery concession granted to Standard Oil of California in 1933. Its name is shortened from Saudi Arabian Oil Company. The business remains closely associated with Saudi petroleum production, refining, and energy infrastructure.
The IPO did not mean that Saudi Arabia sold the entire company. The Saudi government retained a dominant ownership stake, while the public received a minority portion. Market capitalization can also change after listing because share prices move, so the offering value and later market value are different measures.