Saudi Aramco became the first publicly listed company to reach a $2 trillion market value.
Saudi Aramco briefly reached the milestone on December 12, 2019, shortly after its shares began trading on the Saudi Stock Exchange. The valuation was based on the company’s share price multiplied by its shares outstanding.
The listing followed an initial public offering that raised about $25.6 billion, making it the world’s largest IPO at the time. Saudi Aramco sold only a small portion of its total shares, while the Saudi government retained overwhelming ownership.
Saudi Aramco is the state-controlled petroleum company of Saudi Arabia and operates one of the world’s largest crude-oil reserves and production systems. Its market value can move with oil prices, company earnings, investor sentiment, and changes in the number of shares considered publicly traded.