Saudi Aramaco shares soar on record stock market debut - EpicNews

Shares have leapt in the state-owned oil giant Saudi Aramco as it made its record-breaking stock market debut.

Shares opened at $9.39 (£7.16) a share, 10% above their original price of $8.53 (£6.48), in their first day of trading following the world’s biggest flotation.

It gives the company a market value of about $1.88trn (£1.43trn), comfortably making it the world’s most valuable listed company, ousting tech giant Apple form the top spot.

However, this is still short of the $2trn price-tag sought by Saudi Crown Prince Mohammed bin Salman.

This means it will raise $25.6bn (£19.5bn), beating Alibaba’s record $25bn (£19.5bn) listing in 2014.

The firm priced it listing last week, raising $25.6bn (£19.5bn), beating Chinese tech firm Alibaba’s record $25bn (£19.5bn) flotation in 2014.

Saudi Arabia relied on mainly domestic and regional investors to buy a 1.5% stake in Aramco after lukewarm interest
from abroad.

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