Saudi Aramco briefly reached a $2 trillion valuation on the second day of its 2019 stock-market debut.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, known as Tadawul, on December 11, 2019. On the following day, the company’s share price rose to a level that implied a market capitalization of about $2 trillion, making it briefly the world’s most valuable listed company.
The initial public offering raised about $29.4 billion, making it the largest IPO at the time. The offering sold only a portion of the company, while the Saudi government retained the overwhelming majority of shares.
Saudi Aramco is Saudi Arabia’s state-controlled oil company and one of the world’s largest integrated energy businesses. Its valuation differs from Apple’s because oil reserves, production capacity, commodity prices, and state ownership all influence how investors assess the company.