Saudi Aramco became the world’s most valuable listed company at the time of its 2019 initial public offering.
Saudi Aramco began trading on the Saudi Exchange in December 2019. The offering valued the company at about $1.7 trillion, making it the largest initial public offering by proceeds and briefly giving it the highest public-market valuation in the world.
The company is formally known as Saudi Arabian Oil Company and is headquartered in Dhahran, Saudi Arabia. It is the kingdom’s state-controlled oil producer and has historically reported some of the world’s largest proven crude-oil reserves and production volumes.
Saudi Aramco’s IPO was smaller than the full stake originally discussed by Saudi officials. The government sold about 1.5% of the company, while retaining overwhelming control. Its valuation has since moved with oil prices, production expectations, and changes in investor sentiment toward fossil-fuel businesses.