Saudi Aramco shares open 10% above IPO price, garners $1.88 trillion valuation
Global Economy
11 December, 2019, 02:00 pm
Last modified: 11 December, 2019, 02:05 pm
Saudi Arabia relied on mainly domestic and regional investors to buy a 1.5% stake in Aramco after lukewarm interest from abroad
A sign of Saudi Aramco's initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019 / Reuters
Saudi Aramco (2222.SE) shares opened at 35.2 riyal ($9.39) on Wednesday, 10% above their IPO price of 32 riyals, in their first day of trading following a record initial public offering.
That gives the state-controlled oil giant a market value of about $1.88 trillion, comfortably making it the world's most valuable listed company, but well below the $2 trillion price-tag long sought by Saudi Crown Prince Mohammed bin Salman.
Saudi Arabian Oil Co (Aramco) priced its IPO last week, raising $25.6 billion and beating Chinese tech firm Alibaba's (BABA.N) $25 billion listing in 2014.
Saudi Arabia relied on mainly domestic and regional investors to buy a 1.5% stake in Aramco after lukewarm interest from abroad.
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