Saudi Aramco was valued at about $2 trillion at its 2019 initial public offering, making it the world’s largest IPO.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019. The offering raised approximately $25.6 billion, and the company’s initial valuation was close to $1.9 trillion, widely described as roughly $2 trillion.
The IPO sold only a small portion of the company. The Saudi government retained the overwhelming majority of shares, while the listing gave public investors an opportunity to own part of one of the world’s largest energy producers.
Saudi Aramco’s business includes oil exploration, production, refining, chemicals, and distribution. Its size is often compared with technology leaders such as Apple and Microsoft, but its valuation can move differently because oil prices, production expectations, and energy policy strongly affect investor sentiment.