Saudi Aramco briefly reached a US$2 trillion valuation when it listed shares in 2019.
Saudi Aramco began trading on the Saudi Stock Exchange, known as Tadawul, in December 2019. At the end of its second trading day, the company’s share price implied a market capitalization of about US$2 trillion, making it the world’s most valuable listed company at that moment.
The initial public offering was a landmark in Saudi Arabia’s economic plans. The listing was connected with Vision 2030, an initiative seeking to diversify the kingdom’s economy and reduce its reliance on oil revenues.
Saudi Aramco is the state-controlled oil company of Saudi Arabia and operates some of the world’s largest hydrocarbon resources. Its valuation can move with oil-market expectations, production prospects, profitability, and the price of its publicly traded shares. The company’s listing also made it one of the largest IPOs in history.