Saudi Aramco was valued at approximately $1.9 trillion when its 2019 initial public offering became the world’s largest IPO.
Saudi Aramco priced its shares at 32 Saudi riyals each in December 2019. That price implied a company valuation of about $1.9 trillion, and the offering raised approximately $25.6 billion before an additional share-allotment option increased the total.
The listing took place on the Saudi Exchange, also known as Tadawul. Saudi Aramco remains closely connected to Saudi Arabia’s economy because the state retains a controlling ownership stake.
The valuation was below the $2 trillion figure sought by Saudi Crown Prince Mohammed bin Salman, but it still exceeded the previous IPO record held by China’s Alibaba Group. Market-cap rankings can differ from IPO valuations because they use different dates and share-price conditions.