From its beginnings in 1938 when it first struck oil with the aptly named “Prosperity Well”, Saudi Arabia’s energy giant Aramco has delivered unimaginable riches to the kingdom. Over the decades, the firm has grown into the world’s largest and most profitable energy concern, generating some 10 percent of global crude supplies and trillions of dollars in income.
Aramco shares hit the domestic bourse on Wednesday after the world’s largest initial public offering in which 1.5 percent of its shares were sold to raise $25.6 billion. After hitting its upper limit on the stock market debut, the company is now valued at a massive $1.88 trillion and is expected to rise further to challenge the $2 trillion mark that Saudi rulers had initially sought. However, it is not yet clear if the authorities will proceed with the planned second phase of the IPO, and sell more equity on an international stock exchange.
