Saudi Aramco became the largest public company by market capitalization after its 2019 stock-market debut.
Saudi Aramco began trading on the Saudi Stock Exchange, Tadawul, in December 2019. Its initial public offering raised about $25.6 billion, making it the largest IPO at that time before later transactions changed the historical ranking.
The company is Saudi Arabia's national oil company and operates one of the world's largest hydrocarbon businesses. Its valuation reflects enormous oil and gas reserves, large-scale production, refining, chemicals, and export infrastructure.
Saudi Aramco's public listing was only a partial sale of the company; the Saudi government retained the overwhelming majority of shares. Its market capitalization can therefore be compared with other public companies, even though most of its ownership remains state-held.