Saudi Aramco became the first publicly traded business to reach a $1 trillion valuation through an initial public offering in December 2019.
Saudi Aramco priced its IPO at 32 Saudi riyals per share and raised about $25.6 billion, making it the largest IPO at that time. Trading began on the Saudi Stock Exchange, known as Tadawul, on December 11, 2019.
The offering valued the company at about $1.7 trillion, below the $2 trillion valuation Saudi Crown Prince Mohammed bin Salman had reportedly sought but still above the $1 trillion threshold. Saudi Aramco is the national oil company of Saudi Arabia and operates one of the world’s largest hydrocarbon businesses.
This fact differs from Apple’s earlier achievement: Apple was the first publicly traded company to reach a $1 trillion market capitalization through ordinary stock-market trading. Saudi Aramco’s milestone was tied specifically to its public listing and IPO valuation.