Saudi Aramco set a record IPO valuation of about $1.9 trillion when its shares began trading in 2019.
Saudi Aramco began trading on the Saudi Stock Exchange, or Tadawul, on December 11, 2019. Its initial public offering priced the shares at 32 Saudi riyals and valued the company at approximately $1.9 trillion, making it the largest initial public offering at that time.
The company is Saudi Arabia’s state-owned oil producer and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, chemicals, pipelines, and related energy activities.
The IPO was smaller than the 5% stake originally discussed in Saudi Arabia’s Vision 2030 plans. Some comparisons also use later market prices, so reported valuations can differ from the IPO-day figure. The record concerns the valuation at listing, not annual profit or oil reserves.