Saudi Aramco reached a market capitalization of about $2 trillion when it debuted on the Saudi stock exchange in 2019.
Saudi Aramco began trading on the Tadawul in December 2019 after its initial public offering. Its shares rose on the first two trading days, briefly giving the company a valuation near $2 trillion. The offering was a major component of Saudi Arabia’s economic reform and diversification strategy.
The company is formally known as Saudi Arabian Oil Company and is one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, chemicals, and distribution. Saudi Aramco was already economically important before listing because the Saudi government had long owned it.
The $2 trillion figure was a market valuation, not the amount raised in the IPO. Only a small portion of the company’s shares was initially offered to public investors, while the Saudi government retained overwhelming ownership.