MIDEAST STOCKS-Aramco's stellar debut cheers Saudi shares; most Gulf indexes gain - Reuters:
The Saudi Arabian stock market ended
higher on Wednesday as shares of state-owned oil giant Aramco
surged the maximum permitted 10% on their debut, while
other major Gulf markets also rose.
Shares of Saudi Arabian Oil Co (Aramco) soared to 35.2
riyals ($9.39), up from the initial public offering (IPO) price
of 32 riyals. The increase helped the company close in on the $2
trillion valuation long sought by Saudi Crown Prince Mohammed
bin Salman.
If Aramco shares gain 10% on Thursday as well, it will
exceed the $2 trillion valuation coveted by Prince Mohammed. The
company is expected to be included in the MSCI emerging markets
index on Dec. 17.
Aramco raised $25.6 billion on Dec. 5 through the IPO. It
plans to exercise the 15% greenshoe option in whole or part
during the first 30 days of its trading period. If the option is
exercised in full, the oil giant could raise $29.4 billion in
IPO.
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