Saudi Aramco became the world’s most valuable publicly listed company when it debuted in 2019.
Saudi Aramco began trading on the Saudi Exchange in December 2019 after an initial public offering. The offering valued the company at about US$1.7 trillion, making it the largest initial public offering at that time and briefly placing it above every other listed company by market capitalization.
The company is the national oil company of Saudi Arabia and is formally known as Saudi Arabian Oil Company. It has historically been associated with some of the world’s largest crude-oil reserves and production operations.
The IPO did not sell the entire company. The Saudi government retained the overwhelming majority of ownership, while a relatively small portion was offered to investors. Market-cap rankings can change with oil prices, share prices, currency movements, and the valuation of technology companies, so leadership is not permanent.