Saudi Aramco became the first public company valued at more than $1 trillion immediately after its December 2019 IPO.
When Saudi Aramco began trading on December 11, 2019, its shares rose by the daily limit on the Saudi Stock Exchange. That move gave the company a market capitalization of roughly $1.88 trillion, making it the world’s largest listed company at the time and bringing it close to $2 trillion.
The offering was a landmark event because Saudi Aramco was one of the world’s largest companies but had previously been privately held by the Saudi state. Public trading created a market price for the minority stake offered to investors.
The company is sometimes described simply as “the Saudi oil company,” but its operations include exploration, production, refining, chemicals, and distribution. Its valuation is influenced by oil markets as well as by its large reserves and integrated operations.