Saudi Aramco completed the world’s largest initial public offering when it listed shares in Saudi Arabia in 2019.
The company began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering raised about $25.6 billion initially, and an additional share-allotment option later increased the total to roughly $29.4 billion, making it the largest IPO recorded at the time.
Saudi Aramco is formally known as Saudi Arabian Oil Company and is one of the world’s largest integrated energy businesses. Its operations include oil and gas production, refining, chemicals, and distribution. Its huge reserves and profitability have made it one of the companies most often compared with the largest global technology firms by market value.
The IPO was part of Saudi Arabia’s effort to broaden investment and support the economic diversification goals associated with Vision 2030.