Saudi Aramco became the world's most valuable listed company after its 2019 IPO on the Saudi Stock Exchange.
Saudi Aramco, officially the Saudi Arabian Oil Company, offered shares in December 2019. The initial public offering raised about $25.6 billion, making it the largest IPO at that time. The company’s valuation briefly reached roughly $2 trillion during its market debut.
Aramco traces its origins to the California-Arabian Standard Oil Company, founded in 1933. Ownership gradually transferred to Saudi Arabia, and the kingdom completed nationalization in the 1980s. Its operations include oil exploration, production, refining, chemicals, and distribution.
The IPO did not mean that Saudi Arabia sold control of the company. The government remained its dominant shareholder. Aramco’s market value can move with oil prices, production expectations, dividends, and broader investor sentiment, so rankings among the largest companies change over time.