Saudi Aramco held the world's highest market capitalization when it went public in December 2019. Its initial public offering valued the company at about $1.7 trillion, making it the largest IPO by company valuation at the time.
The offering sold shares on the Saudi Stock Exchange, known as Tadawul. Saudi Aramco's enormous oil reserves, production capacity, and profitability made the listing one of the most closely watched events in global financial markets.
Saudi Aramco's initial valuation is sometimes confused with the amount raised by the IPO. The company raised about $29.4 billion by selling shares, while the implied market capitalization represented the value of the entire company. Those are different figures and answer different questions.