Market Overview

Saudi Aramco Shares Jump The Maximum Possible 10% On IPO Day One

Share:
Saudi Aramco Shares Jump The Maximum Possible 10% On IPO Day One

The Saudi Arabian Oil Company snatched the tag of being the world’s most valuable publicly-traded company from Apple Inc (NASDAQ: AAPL) as its shares began trading on Riyadh’s Tadawul stock exchange on Wednesday.

The shares of the state-owned oil company, better known as Saudi Aramco, opened 10% higher at $9.39 on day one of its trading, the maximum permissible gain or fall allowed in a day on the Tadawul exchange.

Aramco raised $25.6 billion in what was the largest initial public offering ever raised, beating Alibaba Group Holding Ltd.’s (NYSE: BABA) previous record of $25 billion.

The oil company offered 1.5% of its total stake in the IPO priced at $8.53 each, giving it a total valuation of $1.7 trillion.

Aramco’s total valuation has risen to $1.88 trillion at press time, and the oil company could soon cross the $2 trillion mark set by Saudi Arabia’s Crown Prince Mohammed Bin Salman in October 2018.

Posted-In: Saudi Aramco IPONews IPOs Global Markets Media Best of Benzinga

 

Related Articles (AAPL + BABA)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com