Saudi Aramco was the world’s most valuable listed company at its 2019 initial public offering.
Saudi Aramco began trading on the Saudi Stock Exchange, known as Tadawul, in December 2019. Its offering valued the company at about $1.7 trillion, making it the largest initial public offering at the time and briefly giving it the highest public-market valuation.
The company is Saudi Arabia’s state-controlled oil producer and one of the world’s largest integrated energy businesses. Its operations span crude-oil production, refining, chemicals, pipelines, shipping, and marketing.
Its listing was smaller than the full company because only a limited portion of shares was offered to investors. This distinction matters: an initial public offering can make a company publicly traded without placing every share on the stock exchange.