Saudi Aramco completed its record-setting initial public offering on Tadawul, Saudi Arabia's stock exchange.
Saudi Aramco is the short name for Saudi Arabian Oil Company, the state-controlled petroleum producer headquartered in Dhahran. Its origins trace back to the oil concession granted to Standard Oil of California in 1933, and Saudi ownership expanded through the twentieth century until the company was fully nationalized.
The IPO began trading on Tadawul in December 2019. The offering raised about 25.6 billion U.S. dollars, making it the largest initial public offering at the time. Additional shares were later sold in a secondary offering in 2024, also on the Saudi market.
Tadawul is the Arabic name commonly used for the Saudi Exchange. Saudi Aramco's listing was not first launched on New York, London, or another international exchange, although the company publishes financial information for global investors.