Saudi Aramco was the world's most valuable listed company when it floated in 2019.
Saudi Aramco began trading on the Saudi Exchange in December 2019 after its initial public offering. The offering valued the company at about $1.7 trillion, making it the largest initial public offering at that time and briefly making Aramco the world’s most valuable listed company.
The company is formally known as Saudi Arabian Oil Company. It is majority owned by the Saudi government and is one of the world’s largest integrated energy companies, with operations spanning oil production, refining, chemicals, and distribution.
The IPO did not sell the entire company. A relatively small percentage of shares was offered to investors, while the state retained control. This differs from a full privatization, in which government ownership would disappear.