Which company was valued at about $2 trillion in its 2019 public offering?

Saudi Aramco was valued at about $2 trillion in its 2019 public offering, with its final offering valuation reported at roughly $1.9 trillion.

Saudi Aramco priced its shares at 32 Saudi riyals in December 2019. Based on the company’s outstanding shares, that price implied a market capitalization close to $1.9 trillion, making it one of the world’s most valuable publicly traded companies from its first trading sessions.

The valuation was central to the Saudi government’s plan to sell a portion of the state-owned oil company and support Vision 2030. The figure should not be confused with annual revenue, oil reserves, or the amount raised by the IPO. Market capitalization measures the market value of equity, while IPO proceeds measure the cash received from shares sold.