Saudi Aramco became the first company to reach a $1 trillion market cap through a public stock listing in Saudi Arabia.
Saudi Aramco began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. Its initial public offering was priced at 32 Saudi riyals per share, and the stock rose enough for the company to reach a market value of roughly $2 trillion shortly after listing. The offering made Saudi Aramco one of the world’s most valuable listed companies.
Saudi Aramco is the state-controlled petroleum company of Saudi Arabia. It developed from the former California-Arabian Standard Oil Company, later known as Aramco, and became a central part of the country’s economy and energy industry.
The listing was part of Saudi Vision 2030, an economic program intended to diversify the country beyond oil. Market estimates can differ because they depend on exchange rates, share prices, and the portion of a company available to public investors. Saudi Aramco’s operating scale and oil reserves made its valuation unusually large compared with many technology companies.