Saudi Aramco had the world’s largest market capitalization immediately after its 2019 IPO.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019 after an initial public offering that raised about US$25.6 billion. Its shares rose after listing, briefly giving the company a market value of about US$2 trillion and making it the world’s most valuable listed company at that time.
The offering was part of Saudi Arabia’s economic reform program known as Vision 2030. The plan sought to diversify the kingdom’s economy and reduce dependence on oil revenues. Only a portion of the company was offered to public investors, while the Saudi government retained ownership of the majority.
Oil prices, production levels, energy policy, and geopolitical developments can all affect Saudi Aramco’s valuation. The company’s market capitalization has therefore moved over time, and later rankings should not be confused with its position immediately after the IPO.