Saudi Aramco became the first oil company to reach a $1 trillion market capitalization after its 2019 initial public offering.
Saudi Aramco began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. Its shares surged on the first trading day, giving the state-owned energy producer a valuation above one trillion dollars and making it the world’s largest initial public offering at the time.
The company is formally known as Saudi Arabian Oil Company and is controlled by the government of Saudi Arabia. It operates some of the world’s largest oil reserves and production systems, which gives its valuation a close connection to energy prices and global petroleum demand.
Saudi Aramco’s listing was smaller than the percentage of the company offered in many major IPOs. The record is about market capitalization and listing value, not about annual profit or physical oil reserves.