Saudi Aramco’s 2019 public listing valued the company at about $1.7 trillion, making it the largest company by market capitalization at listing.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange in December 2019. The initial offering was limited to a portion of the company, while the Saudi government retained overwhelming ownership.
The offering’s valuation was lower than the $2 trillion target Saudi Arabia had discussed before the listing. Even so, the company entered the public market with a valuation larger than that of any previous listed company at the time.
This fact differs from asking about the largest IPO by money raised. Market capitalization measures the value of all shares, whereas IPO proceeds measure the cash raised by the shares actually sold.