Saudi Aramco became the first company to reach a $1 trillion market capitalization through a public listing in the Middle East.
Saudi Aramco’s initial public offering took place on the Saudi Exchange in December 2019. On its second trading day, the company’s shares rose enough to give it a market value of about $2 trillion, although the valuation later moved with the stock price.
The offering was historically important because Saudi Aramco is one of the world’s largest integrated energy companies. Its operations span crude-oil production, refining, chemicals, natural gas, and international energy investments.
The company was not fully privatized: the Saudi government remained its controlling shareholder after the IPO. Market capitalization also differs from enterprise value, which includes debt and subtracts cash. News reports may therefore quote different measures when comparing companies.