Saudi Aramco held its initial public offering in 2019.
The company, officially Saudi Arabian Oil Company, listed shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering raised about $25.6 billion, making it the world’s largest IPO at the time. An additional share sale later increased the total proceeds to about $29.4 billion.
Saudi Aramco traces its origins to a 1933 concession granted to Standard Oil of California. Oil production began in the late 1930s, and the Saudi government gradually increased its ownership before completing nationalization in 1980.
The company is one of the world’s largest integrated energy firms, with operations spanning exploration, production, refining, chemicals, and distribution. Its enormous oil reserves and production capacity have made its valuation especially significant in comparisons of the world’s largest companies.