Saudi Aramco briefly became the world’s most valuable listed company after its December 2019 stock-market debut.
The Saudi Arabian oil giant debuted on the Tadawul stock exchange in Riyadh on 11 December 2019. Its shares rose on the first two trading days, lifting the company’s market capitalization above $2 trillion and temporarily placing it ahead of Apple.
The initial public offering raised about $25.6 billion, making it the largest IPO at the time. The offering valued Aramco at roughly $1.7 trillion, below the Saudi government’s earlier $2 trillion target, but the market value increased soon after listing.
Market-cap rankings change with share prices, exchange rates, and the number of shares outstanding. Aramco’s position was therefore temporary rather than a permanent change in the global rankings. Its IPO is also distinct from Alibaba’s 2014 offering, which was the largest IPO before Aramco’s listing.