Saudi Aramco became the first publicly traded energy company valued above $2 trillion after its 2019 IPO.
Saudi Aramco began trading on the Saudi Stock Exchange, Tadawul, in December 2019. Its initial public offering was the largest in history at the time, raising about $25.6 billion before an additional share sale increased the total to about $29.4 billion.
The company’s enormous valuation reflected its large oil reserves, high production capacity, integrated refining and chemicals operations, and strategic importance to Saudi Arabia. The Saudi government retained majority ownership after the offering.
Saudi Aramco’s market value moved with oil prices, company results, and investor sentiment. It is therefore important not to treat a market-cap ranking as permanent. The company’s IPO also differs from PetroChina’s 2007 debut: PetroChina briefly touched roughly $1 trillion, while Saudi Aramco crossed the $2 trillion level after becoming publicly traded.