Aramco becomes world’s most valuable company heading towards US$2Tn
Saudi Arabian energy minister said on Dec. 6 that Aramco’s market value will exceed US$2Tn after being floated on the stock exchange. This statement came a day after the company hit a valuation of approximately US$1.7Tn in its initial public offering.
Aramco’s final price per share was determined to be at the top of its offer range at 32 Saudi Riyals (US$8.53) due to high demand from individual and institutional investors on 1.5% of its shares.
That places the Saudi crown jewel’s market worth at over US$1.7tn leaving behind Apple’s market capitalisation of US$1.1Tn, thus making Aramco the worlds most valuable company.
Cover photo: Dylan Gillis / Unsplash