Saudi Aramco became the largest company to debut on a stock exchange when it listed in 2019.
Saudi Aramco began trading on the Saudi Stock Exchange, Tadawul, on December 11, 2019. Its initial public offering valued the company at about $1.7 trillion, making it the largest IPO at the time and giving the company an enormous market capitalization from its first day as a listed business.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the Saudi government. It operates across oil exploration, production, refining, chemicals, and related energy activities. Saudi Aramco’s scale is closely connected to Saudi Arabia’s major petroleum reserves and long history as a leading oil producer.
The IPO sold only a portion of the company, so the offering size and the company’s total market value were different figures. The listing also occurred on a domestic exchange rather than initially on the New York Stock Exchange or another major international exchange.