[Lanthanide]

It's a lot simpler than that actually; there's just a need for money in the short-term. I can nearly guarantee that this has nothing to do with fears of electric cars or any disruptive tech.

The Saudi sovereign wealth fund and other assets have been heavily liquidated and depleted to defray the costs of recent economic pressures, like the gambit against shale oil a couple years ago and the ongoing war costs. The IPO is only one facet; there are new taxes and some austerity measures concerning public sector employees that heavily slashed household incomes for a while, though some of the latter have been reversed recently when cashflow got better.

The IPO would would help replenish the sovereign wealth fund and cash reserves, and to help reinstate funding for some public projects that got affected by the downturn (massive nuclear energy projects and public transport infrastructure, for example)