Saudi Aramco is already flirting with Crown Prince Salman’s $2 trillion goal
Saudi Aramco’s market value after one day of trading is closing in on the $2 trillion market value sought by the kingdom’s de facto leader, despite scepticism from international investors.
The oil producer’s capitalisation jumped from $1.71 trillion in its initial public offering to $1.88 trillion at the end of the first trading session Wednesday in Riyadh. The stock finished at 35.20 riyals, rising the 10 per cent limit allowed by the Saudi bourse, in the world’s biggest IPO.
A gain of less than 7 per cent Thursday would lift Aramco to $2 trillion, the target that Crown Prince Mohammed Bin Salman first mentioned almost four years ago, when he shocked markets with his plan to float his country’s crown jewel.
