Saudi Aramco had the largest initial public offering in history when it listed in 2019.
Saudi Aramco raised approximately $25.6 billion in its December 2019 initial public offering on Saudi Arabia’s Tadawul stock exchange. An additional share sale in 2024 increased the total proceeds associated with the offering to about $29.4 billion, reinforcing its record status.
The company is formally known as Saudi Arabian Oil Company and is majority-owned by the Saudi government. It operates across oil exploration, production, refining, chemicals, and related energy activities.
Saudi Aramco is sometimes confused with Saudi Arabia’s entire petroleum sector or with OPEC. Aramco is a company; OPEC is an intergovernmental organization. Its market value is heavily influenced by oil prices, production expectations, reserves, and government policy.