Saudi Aramco completed the world’s largest initial public offering in 2019.
The company, officially Saudi Arabian Oil Company, offered shares on the Saudi Stock Exchange in December 2019. The offering raised about 25.6 billion US dollars initially, and an additional share sale later increased the total proceeds. The listing made Saudi Aramco a major presence in public equity markets while the Saudi government retained a controlling ownership stake.
Aramco traces its history to the California-Arabian Standard Oil Company, established in 1933. Ownership gradually moved to the Saudi government, and the company became fully state-owned in 1988. Its operations include oil and gas exploration, production, refining, chemicals, and distribution. The 2019 IPO is sometimes confused with Alibaba’s 2014 listing, which was the largest IPO at that time but was later surpassed by Saudi Aramco.