Saudi Aramco was the first Middle Eastern business to reach about US$2 trillion in market capitalization after its 2019 initial public offering. On its second trading day, the company’s shares rose enough for its valuation to briefly reach that level.
Saudi Aramco, officially Saudi Arabian Oil Company, is Saudi Arabia’s national oil company. It controls enormous petroleum resources and operates across exploration, production, refining, chemicals, and distribution. The company’s scale made its IPO one of the most closely watched listings in financial history.
Saudi Aramco listed on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering raised about US$25.6 billion, making it the largest IPO at the time; an additional-share option later increased the proceeds.
The US$2 trillion figure was an intraday market capitalization, not a guaranteed permanent valuation. Apple had reached US$2 trillion earlier in 2020, but Saudi Aramco’s milestone remains significant because it showed the market value assigned to a state-linked energy producer.