Boost for Saudi Arabia as Aramco shares surge 10% on debut - Reuters:
Saudi Aramco (2222.SE) shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut on Wednesday, 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 initial public offering (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%.
The market value is more than six times that of U.S. oil major Exxon Mobil Corp (XOM); more than twice the size of Saudi Arabia’s annual gross domestic product; and far ahead of U.S. tech giant Apple’s (AAPL.O) market value of about $1.2 trillion.
Saudi Aramco (2222.SE) shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut on Wednesday, closing in on the $2 trillion valuation long sought by Saudi Crown Prince Mohammed bin Salman.
 |
| Participants attend the official ceremony marking the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019. REUTERS/Marwa Rashad |
The shares leapt to 35.2 riyal ($9.39) each, up from the initial public offering (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%.
The market value is more than six times that of U.S. oil major Exxon Mobil Corp (XOM); more than twice the size of Saudi Arabia’s annual gross domestic product; and far ahead of U.S. tech giant Apple’s (AAPL.O) market value of about $1.2 trillion.
No comments:
Post a Comment