Saudi Aramco had the world’s largest initial public offering in 2019.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, offered shares on the Saudi Exchange in December 2019. The offering raised about $25.6 billion, and an additional share-allotment option later increased the total to about $29.4 billion. The IPO valued the company at approximately $1.7 trillion.
Saudi Aramco remains majority-owned by the Saudi Arabian government. It operates across exploration, production, refining, chemicals, and petroleum distribution, making it an integrated energy company rather than simply an oil producer.
The company’s roots reach back to the 1933 oil concession granted to Standard Oil of California. Oil was discovered at Dammam Well No. 7 in 1938, and the enterprise eventually became fully owned by Saudi Arabia in 1980. Its market value can move with oil prices and investor expectations.