Saudi Aramco was valued at about $1.88 trillion when it listed on the Saudi Stock Exchange in December 2019.
Saudi Aramco’s initial public offering priced its shares at 32 Saudi riyals and raised approximately $25.6 billion, making it the largest IPO at the time. The listing valued the oil producer near $1.7 trillion initially, and its shares rose enough to bring the market capitalization close to $1.88 trillion.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the Saudi government. Its valuation reflected enormous oil reserves, high production capacity, and the strategic importance of petroleum to the Saudi economy.
The IPO did not sell the entire company. Only a relatively small portion of its shares was offered to investors, while the state retained control. This differs from a full privatization and is a frequent source of confusion when the listing is discussed.