Riyadh – Saudi Arabian state-run oil company Aramco’s shares climbed 10% on the first day of trading in the country’s Tadawul stock exchange, Arab News reported. The shares were selling for SAR 35.2 (USD 9.39) this Wednesday (11), up 10% from the price as of last week’s initial public offering (IPO), which raised a record USD 25.6 billion.
At USD 1.88 trillion, Aramco’s market value has made it the most valued listed company in the world. According to Arab News, Aramco is worth more than the world’s five biggest oil companies combined – Exxon Mobil, Total, Royal Dutch Shell, Chevron, and BP.
The IPO saw Aramco sell 1.5% of its capital, or 3 billion shares. The IPO is another step in Saudi Arabia’s Vision 2030economic modernization and diversification plan.
The Tadawul index was up 0.83% this Wednesday, ending the day at 8,133.72 points.
Translated by Gabriel Pomerancblum
