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Saudi Aramco shares up sharply on market debut

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Saudi Arabia listed state oil company Aramco on the stock exchange on Wednesday in what became the world’s biggest-ever initial public offering.

Shares opened at 35.2 riyals (€8.47, $9.39), 10% higher than the IPO price of 32 riyals. The increase was capped by the regulatory limit of 10% per day for the stock.

This values the company at $1.88 trillion, below the $2 trillion valuation that Saudi Crown Prince Mohammed bin Salman had initially hoped for.

Public trading on the domestic stock market Tadawul began after Aramco raised $25.6 billion with the sale of 3 billion shares. It subsequently sold another 450 million shares, boosting the value offering to $29.44 billion.

Via BBC

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