Saudi Aramco briefly reached a $2 trillion valuation during its December 2019 stock-market debut.
Saudi Aramco shares began trading on the Saudi Stock Exchange, or Tadawul, on December 11, 2019. The initial public offering priced the shares at 32 Saudi riyals, giving the company an implied value of about $1.7 trillion; a subsequent rise in the share price briefly pushed its market capitalization to approximately $2 trillion.
The offering was notable because it was the largest initial public offering at the time. Saudi Aramco sold about 1.5% of its shares to investors, while the Saudi government retained overwhelming ownership.
The company is the national oil company of Saudi Arabia and is among the world’s largest integrated energy companies. Its market value has fluctuated since the listing, so the $2 trillion figure describes a milestone reached in trading rather than a fixed permanent valuation.