Saudi Aramco became the first energy company to list with a valuation near $2 trillion.
Saudi Aramco began trading on the Saudi Stock Exchange, known as Tadawul, on December 11, 2019. Its initial public offering priced shares at 32 Saudi riyals and valued the company at roughly $1.7 trillion. A subsequent rise in the share price briefly pushed its market capitalization close to, and at times above, $2 trillion.
The company is Saudi Arabia’s state-controlled oil producer and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, chemicals, pipelines, and international investments.
The offering was a major part of Saudi Arabia’s economic diversification plans under Vision 2030. Some reporting described Aramco as the world’s most valuable company around its listing, while technology companies later led many market-cap rankings. Exact rankings can change daily because public valuations depend on share prices and currency conversion.