Saudi Aramco had a market capitalization of about $1.9 trillion at its December 2019 initial public offering.
The company sold shares on the Saudi Stock Exchange, known as Tadawul. The IPO raised about $29.4 billion, making it the largest initial public offering at the time, and valued Saudi Aramco above the market values of many multinational corporations.
Saudi Aramco is the national petroleum and natural-gas company of Saudi Arabia. It operates major oil fields, refineries, pipelines, and international energy businesses. Its enormous valuation reflects the scale of its reserves and production, although energy prices and government ownership affect how its shares trade.
The IPO initially made Saudi Aramco the world’s most valuable listed company. Apple later regained that position as technology-company valuations increased.