Saudi Aramco became the first company to list shares publicly at a valuation near $2 trillion in December 2019.
Saudi Aramco’s initial public offering took place on the Saudi Stock Exchange, known as Tadawul. The offering priced the company at about $1.7 trillion, and its shares rose after trading began, briefly bringing the market capitalization close to the $2 trillion level sought by Saudi Arabia.
The company is Saudi Arabia’s state-controlled oil producer and one of the world’s largest integrated energy companies. Its operations include crude-oil production, refining, chemicals, natural gas, and marketing. The listing sold only a minority stake, leaving the Saudi government as the controlling shareholder.
Saudi Aramco is sometimes confused with PetroChina’s brief 2007 market-value record. PetroChina reached roughly $1 trillion during its Shanghai listing debut, while Saudi Aramco’s offering was the largest initial public offering at the time.