Saudi Aramco had a stock-market valuation of about $1.9 trillion at its December 2019 initial public offering.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, sold shares on the Saudi Stock Exchange, or Tadawul. The offering valued the company at approximately $1.9 trillion, making it the largest initial public offering by proceeds at the time.
Saudi Aramco is the national oil company of Saudi Arabia and operates one of the world's largest petroleum businesses. Its valuation reflects both its enormous hydrocarbon reserves and its role in global oil production, refining, chemicals, and energy logistics.
The IPO was initially discussed at a possible $2 trillion valuation, but the final offer value was lower. Market capitalization also fluctuates after listing, so the IPO valuation should not be treated as a permanent ranking. PetroChina had earlier achieved a very large market value on its 2007 debut.