Saudi Aramco was valued at about US$1.9 trillion when it became the world’s largest IPO in 2019.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, or Tadawul, on December 11, 2019. The company sold 1.5% of its shares and raised about US$25.6 billion, making the offering the largest initial public offering recorded at that time.
The valuation was based on the offering price and the company’s total shares. Saudi Aramco is Saudi Arabia’s national oil company and one of the world’s largest petroleum producers, with operations spanning exploration, production, refining, chemicals, and distribution.
The IPO record concerns money raised from newly sold shares, while the US$1.9 trillion figure concerns the company’s total market capitalization. These are related but different measurements, a distinction that often causes confusion in reports about the listing.