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