Saudi Aramco was valued at about US$2 trillion when it listed on the stock market in 2019.
Saudi Aramco priced its shares at 32 Saudi riyals for its December 2019 initial public offering. That price implied a company valuation of about US$1.7 trillion, commonly rounded in public discussion to nearly $2 trillion. The listing occurred on Saudi Arabia’s Tadawul exchange rather than on a major overseas exchange.
The offering sold only a small portion of the company. The Saudi government remained the dominant shareholder, preserving state control over the world’s largest integrated oil companies by production and reserves measures. Saudi Aramco’s scale made its market debut one of the most closely watched events in financial history.
A valuation implied by an IPO price differs from the cash raised. Saudi Aramco raised about $25.6 billion initially, with the overallotment increasing the total to roughly $29.4 billion. The company’s market capitalization then moved as its shares traded publicly.