Saudi Aramco was valued at about $1.88 trillion when it conducted the world’s largest initial public offering in 2019.
Saudi Aramco began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. Its offering raised about $25.6 billion, making it the largest IPO ever at the time. The company’s valuation at the offering price was approximately $1.88 trillion.
The offering sold only a small portion of the state-owned oil company. Saudi Arabia retained overwhelming ownership, while the public received a limited number of shares. That structure distinguished the IPO from listings in which a much larger share of a company is sold.
Saudi Aramco’s valuation is closely linked to oil prices, production expectations, and its enormous reserves. Its IPO therefore connected a traditional energy company with the market-cap rankings usually dominated by technology firms.