Saudi Aramco reached about US$2 trillion in market value when its shares began trading in December 2019.
The company’s initial public offering took place on the Saudi Stock Exchange, known as Tadawul. Shares rose by the daily maximum on both of the first two trading days, allowing Saudi Aramco to briefly reach the valuation targeted by Crown Prince Mohammed bin Salman.
The offering raised roughly US$25.6 billion, making it the largest initial public offering at the time. Saudi Aramco later exercised an overallotment option, bringing the total proceeds to about US$29.4 billion.
Saudi Aramco is officially the Saudi Arabian Oil Company. It operates major oil and gas production, refining, chemicals, and distribution businesses. Its market value is closely linked to oil prices, production expectations, investor sentiment, and the number of shares available for public trading.