The Saudi Exchange lists Saudi Aramco, the oil company whose 2019 IPO set a market-cap valuation record.
Saudi Aramco began public trading on Tadawul, the official name of Saudi Arabia’s stock exchange, in December 2019. The listing was a central part of the government’s plan to broaden investment opportunities and support Vision 2030, an economic strategy aimed at reducing dependence on oil revenue.
The IPO sold a minority stake while the Saudi government remained the dominant shareholder. At its offer price, the company received an approximate valuation of $1.88 trillion. The listing therefore created a market price for a portion of one of the world’s largest oil producers.
The Saudi Exchange was formerly known as the Saudi Stock Exchange, or Tadawul. It should not be confused with the New York Stock Exchange, where several large energy companies are listed, or with London’s exchange.