Saudi Aramco was valued at about $1.9 trillion in its 2019 initial public offering, then the largest IPO ever.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019. The offering raised about $25.6 billion, and an additional share allocation later increased the total to approximately $29.4 billion. The initial valuation was close to $1.9 trillion, making the listing a major event in global equity markets.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the government of Saudi Arabia. It operates across oil exploration, production, refining, chemicals, and distribution. Its scale is tied to Saudi Arabia’s large petroleum reserves and central role in global energy markets.
IPO valuation is an opening-market estimate, not a permanent ranking. Share prices after listing can move the market capitalization substantially. The Aramco offering is also distinct from Alibaba’s 2014 IPO, which was the largest IPO before Aramco’s listing.