Saudi Aramco became the first listed Middle Eastern company to approach a $2 trillion market capitalization after its 2019 IPO.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019. Its initial public offering was the largest in history at the time, and the company’s share price rose enough during its first days of trading to bring its market value close to $2 trillion.
The company is Saudi Arabia’s state-controlled oil producer and one of the world’s largest petroleum companies. Its business includes crude-oil production, refining, chemicals, and energy-related activities, giving it a scale that differs from technology companies whose valuations are driven mainly by software, devices, or digital services.
Saudi Aramco’s valuation has fluctuated with its share price, oil-market expectations, production conditions, and global energy demand. The company is also commonly called Aramco in financial reporting.