Saudi Aramco became the first non-American company to reach a $2 trillion market capitalization after its 2019 IPO.
Saudi Aramco reached an approximately $2 trillion market value on December 12, 2019, the second day of trading on the Saudi Exchange. Its initial public offering had priced shares at 32 Saudi riyals, and the stock rose to the exchange’s daily limit after listing.
The company is Saudi Arabia’s national oil company and one of the world’s largest integrated energy producers. Its enormous oil reserves and production scale made the IPO one of the most closely watched listings in financial history.
The valuation was an estimate based on the traded share price and the company’s total shares. It should not be confused with the proportion sold to the public: the IPO offered only a small percentage of Saudi Aramco’s equity.