Saudi Aramco had a market value of about US$1.88 trillion at its December 2019 IPO.
Saudi Aramco, formally Saudi Arabian Oil Company, began trading on the Saudi Stock Exchange in December 2019. Its initial public offering valued the company at approximately US$1.88 trillion, making it the world’s most valuable listed company by market capitalization at that point.
The offering sold only a small portion of the company, while the Saudi government retained overwhelming ownership. That structure meant the quoted market value applied to the entire company even though only a fraction of its shares traded publicly.
Saudi Aramco is one of the world’s largest integrated oil and gas companies. Its valuation is strongly affected by crude-oil prices, production expectations, refining operations, and energy-market conditions. IPO valuations can also differ from later trading values.