Saudi Aramco had an IPO valuation of about US$1.7 trillion in December 2019.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019 after an initial public offering that raised about $25.6 billion. At the IPO price, the company was valued at approximately $1.7 trillion, making it one of the largest public-company listings ever.
The offering sold only a small portion of the company, while the Saudi government retained the overwhelming majority of shares. Saudi Aramco is the national oil company of Saudi Arabia and is one of the world’s largest integrated energy businesses.
The frequently quoted $2 trillion figure was a target discussed before the offering, not the final IPO valuation. Valuation can also change after listing because the share price moves. That is why the IPO price, listing-day market value, and later market capitalization should be kept distinct.