Saudi Aramco was the first company to reach a $1 trillion market capitalization through a public listing in Saudi Arabia.
Saudi Aramco’s initial public offering took place on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering sold a minority stake in the state-controlled oil company and made its shares available to public investors.
The listing immediately placed Saudi Aramco among the world’s most valuable companies. Its valuation was driven by the scale of its oil reserves, production operations, refining network, and role in Saudi Arabia’s economy. The company later expanded its downstream and chemicals businesses as well.
A common mix-up is treating Saudi Aramco as a fully privatized company after the IPO. The public offering sold only a minority share, while the Saudi government remained the controlling shareholder. The listing also differed from Apple’s earlier milestone because Aramco’s record involved a non-U.S. company entering public markets.