Saudi Aramco was valued at about $2 trillion in its 2019 IPO, making it the largest listed company at launch.
The company’s shares began trading on Tadawul in December 2019 after an offering that sold 1.5 percent of Saudi Aramco. At the IPO price, the company’s valuation was approximately $1.9 trillion, commonly rounded to $2 trillion.
The offering was part of Saudi Arabia’s broader economic-diversification plans associated with Vision 2030. Listing a portion of the state-owned oil company created a public market valuation while leaving the Saudi government with overwhelming ownership.
The IPO is sometimes confused with later rankings based on daily share prices. A company can be the largest at its listing and later move down or up as energy prices, production expectations, interest rates, and other share prices change.