Saudi Aramco was valued at about US$1.88 trillion when its shares began trading after its December 2019 initial public offering. The IPO priced shares at 32 Saudi riyals and raised roughly US$25.6 billion, making it the largest IPO at that time.
Aramco is formally Saudi Arabian Oil Company and is majority-owned by the Saudi government. It operates some of the world’s largest oil reserves and production systems, which supported the enormous valuation assigned by investors.
The company’s valuation was below the Saudi government’s earlier two-trillion-dollar target, but it still placed Aramco among the world’s most valuable listed businesses. Its shares trade on the Saudi Exchange, known as Tadawul.
Aramco’s market capitalization fluctuates with oil prices, production expectations, earnings, and broader stock-market conditions. IPO size and market capitalization are related but are not the same measure.