Saudi Aramco was valued at about $1.7 trillion after its December 2019 initial public offering.
The company began trading on the Saudi Stock Exchange, or Tadawul, on December 11, 2019. It sold shares at 32 Saudi riyals each and raised about $25.6 billion, making the offering one of the largest IPOs in history.
Saudi Aramco is Saudi Arabia’s state-controlled oil and gas company. Its operations span crude-oil production, refining, petrochemicals, pipelines, and energy trading. The company’s valuation is closely connected to oil prices, production capacity, reserves, and investor expectations.
The IPO did not sell the entire company. The Saudi government retained a large majority ownership, while the listed shares represented only a minority stake. Aramco’s shares trade under the symbol 2222.