Saudi Aramco became the first company outside the technology sector to reach a $2 trillion market value after its 2019 IPO.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019. Its shares surged during the first days of trading, briefly giving the state-controlled oil producer a valuation of about $2 trillion. The listing was one of the largest initial public offerings in history.
The company’s importance comes from its enormous hydrocarbon reserves, large-scale production, and central role in Saudi Arabia’s economy. Its corporate name is Saudi Arabian Oil Company, while Saudi Aramco is the commonly used name.
The $2 trillion figure was a market valuation, not the amount raised in the IPO. The offering sold only a portion of the company, and the flotation’s proceeds were far smaller than the company’s total implied value. Market rankings can change as oil prices and share prices move.