Saudi Aramco had the world’s largest initial public offering and reached a market value of about $1.9 trillion in December 2019. The Saudi Arabian state oil company sold shares on the Tadawul, Saudi Arabia’s stock exchange.
The IPO raised approximately $25.6 billion before an additional share-allotment option increased the total to about $29.4 billion. Saudi Aramco’s valuation was built on its enormous oil reserves, high production capacity, and role in Saudi Arabia’s economy.
Saudi Aramco is not the same as a conventional private oil producer: the Saudi government retains majority ownership. Its market capitalization has fluctuated with oil prices, company results, and investor expectations. Reports may therefore give different rankings depending on the exact date and whether listed and unlisted companies are being compared.