Saudi Aramco reached a $1 trillion market capitalization on the first day of its 2019 public listing.
Saudi Aramco shares began trading on the Saudi Exchange on December 11, 2019. The initial public offering valued the company at about $1.7 trillion, and its market value rose to roughly $2 trillion shortly afterward. It became the world’s largest initial public offering at the time.
Saudi Aramco is Saudi Arabia’s state-controlled oil company and one of the world’s largest petroleum producers. Its listing was smaller than the government’s originally discussed plan, with about 1.5% of the company offered to investors. The company is sometimes confused with PetroChina, which briefly became the first publicly traded company to reach a $1 trillion valuation in 2007.