The public listing of Saudi Arabia's state-owned oil company has been highly anticipated by the market, but analysts say investors should consider the influence the kingdom has over the company.

"The biggest issue with Aramco is that everything about this company is controlled by the Saudi royal family — shareholder opinions, your board votes, none of that makes any difference," said Pavel Molchanov, director and energy analyst at Raymond James.

Responding to CNBC's queries about such concerns, Saudi Aramco referred to its prospectus which outlined its corporate governance policies, as well as the relationship between the oil company and Saudi Arabia. On its website, Aramco also said it has a "rule-based relationship with the government" and a history of "operating independently."

Saudi Aramco, the world's largest oil company, announced Saturday that up to 0.5% of its shares will be allocated for individual investors in its initial public offering. The IPO is set for December on Saudi Arabia's Tadawul exchange.

The 658-page preliminary prospectus divulged operational information about Saudi Aramco, but didn't list a possible price range for the shares or give a definite idea how many shares will be offered.

Analysts' valuations of the company range widely, between $1.2 trillion to $2.3 trillion. Saudi Crown Prince Mohammed bin Salman put a $2 trillion valuation on the oil firm when he first touted the idea of a listing in 2016.