Saudi Aramco reached a market capitalization of about $1.88 trillion on the first day of trading after its 2019 IPO.
The Saudi Arabian Oil Company began trading on the Saudi Exchange, commonly known as Tadawul, on December 11, 2019. Its initial public offering sold a 1.5% stake in the company and raised roughly $25.6 billion, making it the world’s largest IPO at that time.
The valuation reflected Saudi Aramco’s enormous oil reserves, production capacity, and role in Saudi Arabia’s economy. The Saudi government retained the overwhelming majority of the company after the offering.
The company is often called Aramco in financial reporting, but its formal name is Saudi Arabian Oil Company. Market capitalization can change daily after an IPO because it moves with the share price, so the $1.88 trillion figure describes the opening valuation rather than a permanent ranking.