Saudi Aramco reached a valuation of about $1.9 trillion at its 2019 initial public offering.
Saudi Aramco began trading on the Saudi Exchange in December 2019. The offering valued the company at approximately $1.9 trillion, making it the largest initial public offering at that time and briefly placing it among the world’s most valuable companies.
The company is Saudi Arabia’s state-controlled oil producer and is formally known as Saudi Arabian Oil Company. Its enormous valuation reflects its oil reserves, production capacity, refining operations, and strategic importance to the Saudi economy.
The IPO sold only a small portion of the company’s shares. That distinction matters: a public offering can establish a market price for a limited stake, while the implied market capitalization applies that price to all outstanding shares.