Which Saudi company was valued at about $1.9 trillion in its December 2019 IPO?

Saudi Aramco was valued at about $1.9 trillion in its December 2019 initial public offering.

The offering sold shares of Saudi Arabian Oil Company on the Saudi Exchange, known as Tadawul. At the IPO price, the company became the world’s most valuable listed company, surpassing Apple at that time.

Saudi Aramco’s valuation was tied to its enormous petroleum reserves, production capacity, and strategic importance to Saudi Arabia. The company is majority-owned by the Saudi government, even though a portion of its shares trades publicly.

The IPO was initially discussed around a possible $2 trillion valuation, but the final offering implied approximately $1.7 trillion before early trading pushed the market value near $2 trillion. This distinction explains why different sources may cite slightly different figures.