Saudi Aramco raised about US$25.6 billion in its 2019 initial public offering and ranked among the world’s richest companies.
Saudi Aramco is the short name for Saudi Arabian Oil Company, the national oil company of Saudi Arabia. Its origins trace to the discovery and development of oil concessions in the country during the 20th century. The Saudi government ultimately acquired full ownership before selling a minority stake to public investors.
The December 2019 IPO listed shares on the Saudi Stock Exchange, known as Tadawul. The offering initially raised approximately US$25.6 billion, making it the largest initial public offering at the time. A later additional share sale increased the amount raised.
Saudi Aramco’s enormous market value is linked to its oil reserves, production scale, refining operations, and profitability. It is not the same as Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, which owns a substantial stake but is a separate entity.