Saudi Aramco’s market capitalization briefly reached about $2 trillion after its 2019 stock-market debut.
Saudi Aramco reached the approximate valuation on the second day of trading, December 12, 2019. The company’s shares rose to the daily limit on the Saudi Stock Exchange, lifting its equity value to the level sought by Saudi leaders before the IPO.
The listing was part of Saudi Arabia’s Vision 2030 program, which aims to diversify the economy beyond oil. The offering sold only a small fraction of the company, meaning the market value of all shares could be inferred from the price paid for the listed portion.
The $2 trillion figure was not permanent. Market capitalization changes as share prices change, and Saudi Aramco’s valuation later moved below that level. Its IPO still established a record for the largest offering ever completed at the time.