Saudi Aramco had an approximate market capitalization of $1.9 trillion when it began trading after its 2019 IPO.
The company priced its initial public offering at 32 Saudi riyals per share, giving it a valuation of about $1.7 trillion at the offer price. A rise on its first two trading days pushed its market value to approximately $1.9 trillion, briefly making it the world’s most valuable listed company.
Saudi Aramco is formally known as Saudi Arabian Oil Company. It operates the world’s largest oil-producing enterprise by many measures and is closely linked to Saudi Arabia’s energy economy. The government retained overwhelming ownership after the listing.
The figure is sometimes mixed up with the IPO’s proceeds, which were about $29.4 billion after an overallotment option, or with the company’s later market value. Market capitalization is a valuation, not the cash raised by selling shares.