Saudi Aramco briefly reached an approximately $2 trillion valuation when it began trading publicly in 2019.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange, known as Tadawul, on December 11, 2019. The initial public offering was the world’s largest at the time, raising about $29.4 billion after an overallotment option was exercised.
On its second trading day, the company’s share price reached the level that implied a market capitalization of roughly $2 trillion. That made Saudi Aramco one of the most valuable publicly listed companies in history and placed it alongside the largest global technology companies.
The valuation was based on the company’s listed shares and the price investors paid for them. Saudi Aramco remains majority-owned by the Saudi government, and its business is centered on oil exploration, production, refining, and chemicals.