Saudi Aramco will instantly vault Saudi Arabia’s stock market into the ranks of the world’s largest when the oil producers shares begin trading on Wednesday after its initial public offering.
The Saudi stock exchange will hold an opening auction for Aramco shares that will last from 9:30 AM to 10:30 AM local time, 30 minutes longer than usual. Continuous trading will start after that, with price changes limited to 10 per cent up or down.
Aramco raised $25.6 billion in the biggest-ever IPO, selling shares at 32 riyals each and valuing the company at $1.7 trillion, overtaking Microsoft Corp and Apple Inc as the most valuable listed company.
