Saudi Aramco, one of the world’s most valuable listed companies by market capitalization, held its initial public offering in 2019.
The Saudi Arabian Oil Company began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering sold about 1.5 percent of the company and raised roughly 25.6 billion US dollars, making it the largest IPO at that time.
Saudi Aramco grew out of the oil concession granted to Standard Oil of California in 1933. Oil was discovered commercially at Dammam Well No. 7 in 1938, and Saudi Arabia gradually acquired full ownership of the enterprise before creating Saudi Aramco.
The company is often discussed alongside national oil reserves, production, and profitability. Its market capitalization refers to the value of publicly traded shares, not the total underground value of Saudi Arabia’s oil resources.