Saudi Aramco was partially listed in 2019 in what was then the world's largest initial public offering.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, sold shares 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 roughly $29.4 billion.
Saudi Aramco originated in the concession granted to Standard Oil of California in 1933. Oil was discovered commercially at Dammam Well No. 7 in 1938, and Saudi ownership expanded until the company became fully state-owned in 1980.
The listing made Saudi Aramco one of the world's most valuable companies by market capitalization. It is important to distinguish the IPO from the company's total value: only a small portion of its shares was offered to public investors, while the Saudi government retained control.