Saudi Aramco’s 2019 stock-market debut made it the world’s most valuable listed company at the time.
Saudi Aramco began trading on the Saudi Stock Exchange, known as Tadawul, on December 11, 2019. Its initial public offering raised about $25.6 billion, making it the largest IPO ever at that point. A subsequent exercise that sold additional shares increased the total to roughly $29.4 billion.
The company’s enormous valuation reflected its position as one of the world’s largest oil producers and its ownership of vast petroleum reserves. Unlike technology companies, Saudi Aramco’s business is centered on crude oil, natural gas, refining, chemicals, and energy infrastructure.
The IPO did not sell the entire company. The Saudi government retained overwhelming ownership, while a relatively small portion became publicly traded. This is an important distinction when comparing Saudi Aramco’s market capitalization with the valuations of widely held companies such as Apple or Microsoft.