Saudi Aramco’s 2019 IPO briefly made it the world’s most valuable listed company by market capitalization. The oil producer reached that position when its newly listed shares rose after trading began in Riyadh.
Saudi Aramco shares started trading on December 11, 2019, following an IPO that valued the company at about $1.7 trillion. The stock rose by the exchange’s daily limit on its first two sessions, taking the company’s market value to approximately $2 trillion.
The listing was part of Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the kingdom’s economy and develop its capital markets. Saudi Aramco remains majority-owned by the Saudi state. Its market value can differ from the value implied by private transactions or from measures based on oil reserves, profits, or national economic importance.