Saudi Aramco became the world's most valuable publicly traded company by market capitalization in 2019 after its IPO.
Saudi Aramco, formally Saudi Arabian Oil Company, is Saudi Arabia's national oil company. Its shares began trading on the Saudi Exchange in December 2019, following the world's largest initial public offering at that time.
The company is closely associated with Saudi Arabia's petroleum industry and operates some of the world's largest oil reserves and production assets. Its listing made a portion of the company available to public investors while the Saudi government retained majority ownership.
Market-cap rankings change with share prices, exchange rates, and newly listed companies. Aramco's position is therefore a historical milestone rather than a permanent title. It is also distinct from being the world's largest oil producer in every individual year, a claim that depends on the measurement used.