Saudi Aramco became the largest company ever listed in a stock-market debut, with a valuation near $1.9 trillion in 2019.
Saudi Aramco began trading on the Saudi Exchange in December 2019 after selling shares to the public. The initial offering valued the company at approximately $1.7 trillion, and its market capitalization briefly approached $2 trillion during early trading.
The company is Saudi Arabia’s national oil company and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, chemicals, pipelines, and global distribution.
Saudi Aramco’s listing was smaller as a percentage of the company than many major privatizations because the Saudi government retained overwhelming ownership. Its valuation is often compared with Apple, Microsoft, and other technology giants, but market-cap rankings change as share prices and energy-market expectations move.