Saudi Aramco became the first company to exceed $1 trillion in market value during an initial public offering.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange in December 2019. On its first day, the company’s valuation rose above $1 trillion, making the listing one of the most significant events in global equity-market history.
The IPO sold a minority stake in the state-owned oil producer, while the Saudi government retained ownership of most shares. The offering gave public investors access to a company whose operations span crude-oil production, refining, natural gas, chemicals, and international energy investments.
Saudi Aramco’s IPO is sometimes confused with Alibaba’s 2014 listing, which was the largest IPO at that time by money raised. An IPO’s fundraising total and the company’s total market capitalization are different measurements.