adminSaudi Aramco (2222.SE) shares surged the maximum permitted 10 percent above their initial public offering (IPO) price on their Riyadh stock market debut yesterday, closing in on the $2 trillion valuation long sought by Saudi Crown Prince Mohammed bin Salman.
The shares leapt to 35,2 riyal ($9,39) each, up from the IPO price of 32 riyals and at the daily limit of price moves allowed by the Tadawul exchange.
That gives the state-owned oil giant a market value of about $1,88 trillion, comfortably making it the world’s most valuable listed company,
although it will have one of the smallest “free floats” of publicly tradeable shares, at just 1,5 percent. — Reuters.
Peter Tanyanyiwa
Online Reporter