Saudi Aramco is majority-owned by Saudi Arabia and had the world's largest IPO in 2019.
Saudi Aramco's initial public offering took place on the Saudi Exchange in December 2019. The offering raised about 25.6 billion U.S. dollars, and an additional share sale later increased the total to about 29.4 billion dollars. The IPO made Saudi Aramco one of the world's most valuable listed companies.
The company is formally known as Saudi Arabian Oil Company. It operates across exploration, production, refining, chemicals, and distribution, giving it a broad position in the energy industry. Saudi Arabia retains majority ownership, so the publicly traded shares represent only part of the company.
Saudi Aramco is often compared with technology giants in market-cap rankings. Its valuation is influenced by oil prices, production expectations, energy policy, refining demand, and investor views about the long-term energy transition. IPO size and market capitalization are related but are not identical measures.