Saudi Aramco shares soar at maximum 10%
Saudi Aramco shares opened on Wednesday at the Kingdom’s stock exchange at 35.2 Riyals, 10% above their Initial Public Offering price of 32 Riyals.. Wednesday was the first day of trading following a record US$26.5bn initial public offering.
The record first day surpasses Chinese retail giants Alibaba’s US$25bn raised in its 2014 wall street debut. Aramco’s debut price of 35.2 Riyals raised the companies valuation US$1.88Tn.
This means that Aramco is the worlds most valuable listed company. More than the top five oil companies- Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP-combined.