Saudi Aramco became the world’s most valuable listed company at its December 2019 initial public offering.
Saudi Aramco began trading on the Saudi Stock Exchange, known as Tadawul, on December 11, 2019. The offering valued the company at about $1.7 trillion, making it the largest initial public offering ever at that time and briefly placing the oil producer above Apple in market value.
The IPO sold only a small portion of the company’s shares. Saudi Aramco remains closely linked to the Saudi government, which retains a controlling ownership position. Its market value is driven mainly by oil prices, production expectations, refining operations, and investor views about the long-term energy transition.