Saudi Aramco had the world’s largest market capitalization when it went public in December 2019.
Saudi Aramco began trading on the Saudi Stock Exchange, known as Tadawul, on December 11, 2019. Its initial public offering valued the oil producer at about $1.7 trillion, making it the largest initial public offering by company valuation at that time.
The company is Saudi Arabia’s national oil company and one of the world’s largest integrated energy businesses. Its operations include exploration, production, refining, chemicals, and distribution. Oil reserves and production capacity are major reasons investors place such a high value on it.
Saudi Aramco’s listing was not a sale of the entire company. Only a minority stake was offered to public investors, while the Saudi government retained majority ownership. Its ranking can change as oil prices, earnings, and share prices move.