Saudi Aramco reached a $2 trillion valuation on the second day of its 2019 stock-market listing.
The Saudi Arabian Oil Company began trading on the Saudi Exchange, known as Tadawul, on December 11, 2019. Its initial public offering priced shares at 32 Saudi riyals, valuing the company at about $1.7 trillion. A rise in the share price pushed its market capitalization to approximately $2 trillion on December 12.
The listing was part of Saudi Arabia’s Vision 2030 economic program, which seeks to diversify the country’s economy beyond oil. The government retained a dominant ownership stake after the offering.
Saudi Aramco is often confused with the world’s largest IPO by money raised. Its offering raised about $29.4 billion after an overallotment option, while the company’s market value and the cash raised were separate measures.