Saudi Aramco became the world’s most valuable listed company when it began trading after its 2019 initial public offering.
Saudi Aramco’s shares began trading on the Saudi Exchange in December 2019. The offering valued the oil producer at about $1.7 trillion, making it the largest initial public offering at that time and briefly placing it above Apple by market capitalization.
The company is formally known as Saudi Arabian Oil Company and is majority-owned by the government of Saudi Arabia. Its business includes exploration, production, refining, chemicals, and energy distribution.
Market-cap rankings can change every trading day because share prices move constantly. Saudi Aramco’s IPO is also distinct from privatization: the government sold a minority stake while retaining ownership of most of the company.