Saudi Aramco became the first listed company to briefly reach a US$2 trillion valuation after its 2019 IPO.
Saudi Aramco shares began trading on the Saudi Exchange in December 2019. On the second day of trading, the company’s share price rose enough for its market capitalization to reach approximately US$2 trillion during the session. The valuation later moved below that level as the share price changed.
The IPO was notable because it made Saudi Aramco the world’s largest initial public offering at the time. The offering raised about US$29.4 billion after an additional share-allocation option was exercised. Only a portion of the company was sold to public investors; the Saudi government retained most of the shares.
Saudi Aramco is headquartered in Dhahran and is one of the world’s largest integrated oil and gas companies. Its business includes exploration, production, refining, chemicals, and energy marketing.