December 11, 2019 / 7:42 AM / 2 months ago

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

RIYADH/DUBAI, Dec 11 (Reuters) - Saudi Aramco 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 $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. ($1 = 3.7500 riyals) (Reporting by Marwa Rashad, Stephen Kalin and Saeed Azhar, editing by Louise Heavens)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below