Saudi Aramco became the largest company ever to hold an initial public offering when it listed shares in 2019.
Saudi Aramco’s initial public offering took place on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering raised about $29.4 billion, making it the largest IPO at the time, although later transactions changed the record for funds raised.
The company is the national oil company of Saudi Arabia and is one of the world’s largest producers of crude oil and natural gas. Its enormous reserves, production capacity, and profitability have made it a frequent member of lists of the world’s most valuable companies by market capitalization.
Saudi Aramco is sometimes confused with ADNOC, the national oil company of the United Arab Emirates. They are separate businesses headquartered in different countries, although both operate major energy businesses in the Gulf region.