Saudi Aramco was valued at about $2 trillion when it listed shares in 2019.
The Saudi Arabian Oil Company began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. Its initial public offering raised roughly $29.4 billion, making it the largest IPO by proceeds at that time.
Saudi Aramco’s enormous valuation reflected its vast oil reserves, large production capacity, and strategic importance to Saudi Arabia. The company’s shares initially rose after listing, briefly giving it a market value near the $2 trillion target discussed by Saudi officials.
This company is often confused with Saudi Arabia’s government because the state remains its controlling shareholder. A public listing made only a portion of the company’s ownership available to outside investors, while the government retained control.