Saudi Aramco soars on debut to hit market value of $1.88 trillion
Saudi Aramco shares surged after the oil producer’s initial public offering (IPO), valuing the company at a record $1.88 trillion in the culmination of a four-year effort by the kingdom to list its crown jewel.
The stock jumped the daily 10 per cent limit to 35.20 riyals when trading began at 10.30 am in Riyadh as Aramco board members, Saudi officials and invited guests cheered at a ceremony at the Fairmont Hotel in the kingdom’s capital. The shares stayed there through the market close, putting Crown Prince Mohammed bin Salman’s goal of a $2 trillion valuation within reach.
Aramco raised $25.6 billion in the biggest-ever IPO, selling shares at 32 riyals each and overtaking Microsoft and Apple as the most valuable listed company.
