Saudi Aramco briefly became the world’s largest listed company by market capitalization after its 2019 initial public offering.
Saudi Aramco began trading on the Saudi Exchange in December 2019. Its shares surged after listing, giving the state-controlled oil producer a valuation of about US$2 trillion, although the exact market value moved with the share price. The offering was the largest initial public offering in history at the time.
The company’s valuation was supported by its enormous oil reserves, high production capacity, and central role in Saudi Arabia’s economy. It is often confused with Saudi Aramco’s broader enterprise value or with the market value of only its publicly traded shares. The company remains majority-owned by the Saudi government, so its public listing represents only part of its ownership.