Saudi Aramco shares soar maximum 10% on market debut

Saudi Aramco shares soar maximum 10% on market debut

Aramco's market launch saw the Saudi oil behemoth's value soar to $1.88 trillion, far ahead of other firms in the trillion-dollar club, including Apple and Microsoft.
Aramco's market launch saw the Saudi oil behemoth's value soar to $1.88 trillion, far ahead of other firms in the trillion-dollar club, including Apple and Microsoft.

RIYADH: 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% 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.



Do you like the content of this article?
COMMENT (1)

Screening limited

Officials at Suvarnabhumi Airport await more information from Chinese authorities before deciding whether to expand virus screening, while Beijing bans all outbound group tours.

20:33

Key ministries to review virus measures Sunday

Public Health Minister Anutin Charnvirakul will meet with senior officials from three ministries on Sunday to come up with measures to stop the spread of coronavirus from China.

20:23

Four senior cops shifted after Roi Et pub raids

ROI ET: Four senior police from Muang police station have been transferred following a raid on two popular pubs where more than 200 patrons were underage drinkers.

20:11