Saudi Aramco shares soar maximum 10% on market debut
Saudi Aramco shares soared 10 percent to the daily limit on their trading debut on the Saudi stock exchange Wednesday, boosting the energy giant’s valuation to a massive $1.88 trillion.
The company’s share price gained 3.2 riyals ($0.85) just seconds after Aramco bosses rang the trading bell, raising its value to 35.2 riyals ($9.4), and making it the world’s largest publicly traded company.
The listing of Aramco, with its huge capital value, boosts the Saudi bourse — known as Tadawul — to the ranks of the world’s top ten. In the first few seconds of trade, orders for 16 million shares were placed.
The market debut comes after Aramco completed the world’s biggest initial public offering (IPO) in which it sold 1.725 percent of its shares for a record-breaking $29.44 billion.
The listing is the bedrock of de facto ruler Crown Prince Mohammed bin Salman’s ambitious strategy to overhaul Saudi Arabia’s oil-reliant economy.