Saudi Aramco completed the world’s largest initial public offering when it listed shares in Riyadh in December 2019.
The state-controlled Saudi Arabian Oil Company sold shares on the Saudi Stock Exchange, known as Tadawul. The offering raised about $25.6 billion at its initial pricing, and an additional share-allotment option later increased the total to roughly $29.4 billion.
Saudi Aramco is one of the world’s largest integrated energy companies. Its business includes crude-oil exploration and production, refining, chemicals, natural gas, and related energy operations. Because the company controls extensive Saudi oil reserves, its valuation is closely watched alongside the market values of major technology companies.
The IPO was part of Saudi Arabia’s Vision 2030 program, which seeks to diversify the kingdom’s economy and reduce dependence on oil revenues. It is distinct from a full privatization: the Saudi government retained overwhelming ownership after the listing.