Saudi Aramco became the world’s most valuable listed company when its shares began trading after its 2019 IPO.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019 after selling shares to the public. The offering valued the oil producer at about $1.7 trillion, making it the largest initial public offering at that time and briefly placing the company above other listed corporations by market capitalization.
Saudi Aramco 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, and petroleum distribution.
The IPO did not represent the sale of the entire company. The Saudi government retained the overwhelming majority of ownership, while the listed shares gave public investors a limited stake and a market price for part of the business.