Saudi Aramco was the first company to reach a $1 trillion valuation through an initial public offering.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019. Its offering raised about $25.6 billion, making it the largest initial public offering at that time, and the company’s market value quickly moved above $1 trillion.
The offering sold only a small portion of the company’s shares. The Saudi government retained the overwhelming majority of ownership, while the listed shares gave public investors a way to buy an interest in the oil producer.
Saudi Aramco is one of the world’s largest integrated energy companies. It operates major oil and gas production, refining, and petrochemical businesses. Its valuation is particularly sensitive to expectations about energy prices, production levels, demand, and the long-term transition away from fossil fuels.