Saudi Aramco had the largest stock-market debut ever when it listed in 2019.
Saudi Aramco’s initial public offering took place on the Saudi Exchange in December 2019. The company sold 1.5% of its shares and raised approximately $29.4 billion, making the offering the largest IPO by funds raised at that time. A later additional share sale in 2024 raised more money but did not change the identity of the 2019 listing.
Saudi Aramco is Saudi Arabia’s national oil company and is headquartered in Dhahran. Its history traces back to the Arabian American Oil Company, formed in 1933. The Saudi government later took control, and the business became Saudi Aramco.
The company is unusual among the biggest market-cap corporations because its core business is oil and natural gas rather than consumer technology. Its market value is especially sensitive to oil prices, production expectations, energy policy, and investor views about the long-term transition away from fossil fuels.