Saudi Aramco shares open 10% above IPO price, garners $1.88 trillion valuation

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Saudi Aramco shares open 10% above IPO price, garners $1.88 trillion valuation


FILE PHOTO: An employee looks on at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov

RIYADH/DUBAI (Reuters) – Saudi Aramco (2222.SE) shares opened at 35.2 riyal ($9.39) on Wednesday, 10% above their IPO price of 32 riyals, in their first day of trading following a record initial public offering.

That gives the state-controlled oil giant a market value of about $1.88 trillion, comfortably making it the world’s most valuable listed company, but well below the $2 trillion price-tag long sought by Saudi Crown Prince Mohammed bin Salman.

Saudi Arabian Oil Co (Aramco) priced its IPO last week, raising $25.6 billion and beating Chinese tech firm Alibaba’s (BABA.N) $25 billion listing in 2014.

Saudi Arabia relied on mainly domestic and regional investors to buy a 1.5% stake in Aramco after lukewarm interest from abroad.

Reporting by Marwa Rashad, Stephen Kalin and Saeed Azhar, editing by Louise Heavens



Reuters: Top News – Saudi Aramco shares open 10% above IPO price, garners $1.88 trillion valuation

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