Saudi Aramco was the world’s most valuable listed company when it launched its historic 2019 share offering.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, offered shares on the Saudi Stock Exchange, or Tadawul, in December 2019. The initial public offering raised about $25.6 billion, making it the largest IPO at that time. An additional share-allotment option later increased the proceeds to roughly $29.4 billion.
Saudi Aramco’s valuation was closely linked to its enormous oil reserves, large-scale production, refining operations, and strategic importance to Saudi Arabia. Its listing was part of the kingdom’s Vision 2030 economic program. The company’s market value has moved relative to other giants, so the ranking depends on the date and on whether market capitalization or another measure is being compared.