Saudi Aramco conducted the world’s largest initial public offering when it listed shares in 2019.
Saudi Aramco’s initial public offering took place on the Saudi Stock Exchange in December 2019. The offering raised about $25.6 billion, and an additional share sale later increased the total to approximately $29.4 billion.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the government of Saudi Arabia. It grew from the discovery and development of Saudi oil resources and became one of the world’s largest integrated energy businesses.
An IPO raises capital by selling shares to public investors for the first time. It does not mean that every share in the company becomes publicly traded. Saudi Aramco’s government ownership remained dominant after the listing, which is an important distinction when comparing it with widely dispersed public companies.