Saudi Aramco became the world’s most valuable listed company after its record $29.4 billion IPO in 2019.
Saudi Aramco, formally Saudi Arabian Oil Company, sold shares on the Saudi Stock Exchange in December 2019. The offering initially raised about $25.6 billion, and an additional share-allotment option brought the total to approximately $29.4 billion, making it the largest initial public offering at the time. The company was valued at roughly $1.7 trillion when trading began.
Aramco’s roots reach back to the 1933 oil concession granted to Standard Oil of California. Saudi Arabia gradually increased its ownership, and the company became fully state-owned in 1980. It remains closely associated with the country’s petroleum production, refining, and energy exports.
The IPO valuation is not the same as annual revenue or oil reserves. Aramco’s market-cap position can change relative to technology companies because share prices, exchange rates, and the number of publicly traded shares all matter.