Saudi Aramco shares jump 10 per cent on stock market debut
Saudi Aramco shares surged the maximum permitted 10 per cent above their initial public offering (IPO) price on their Riyadh stock market debut on Wednesday, closing in on the $2 trillion valuation long sought by Saudi Crown Prince Mohammed bin Salman.
The shares leapt to 35.2 riyal ($9.39) each, up from the IPO price of 32 riyals and at the daily limit of price moves allowed by the Tadawul exchange.
That gives the state-owned oil giant a market value of about $1.88 trillion, comfortably making it the world’s most valuable listed company, although it will have one of the smallest “free floats” of publicly tradeable shares, at just 1.5 per cent.
