Saudi Aramco’s share surges on its trading debut
By MYBRANDBOOK
The shares of Saudi Aramco has surged on its debut trading after the company started its initial public offering. Saudi Aramco is the world’s largest oil producer. This has helped the company to fortify its status as the world’s most valuable company and bringing it closer to achieving the Saudi royal family’s aim of making it a $2 trillion business.
After the company’s debut on the Saudi stock exchange in Riyadh, the shares rose 10%, reaching the largest daily increase permitted by the exchange. They traded at 35.20 riyals or about $9.50 a share.
This surge pushed the company’s value to about $1.87 trillion which is substantially larger than Apple at about $1.19 trillion.
The launch is expected to raise at least $25.6 billion, making it the largest I.P.O. ever.
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