Saudi Aramco briefly became the world’s most valuable listed company after its 2019 IPO.
Saudi Aramco began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. Its shares surged after listing, giving the oil producer a market capitalization of roughly $2 trillion and temporarily putting it ahead of Apple.
The offering was a landmark event for Saudi Arabia and part of the country’s Vision 2030 strategy. The IPO raised about $29.4 billion, making it the largest initial public offering at the time, although the final offering size was later increased through an over-allotment option.
Saudi Aramco’s valuation is closely tied to oil prices, production expectations, and investor views of energy demand. It should not be confused with the company’s annual profit or with the value of Saudi Arabia’s entire petroleum sector.