MIDEAST STOCKS-Aramco's surge on debut lifts Saudi shares | Nasdaq:
Saudi stock market rose on Wednesday, as the world's largest listed firm Saudi Aramco 2222.SE soared to the maximum limit of 10% on its first day of trading.
Shares of Saudi Arabian Oil Co (Aramco) rose to 35.2 riyals ($9.39) apiece, higher than their 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.
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.
The Saudi benchmark index .TASI climbed 0.8% in early trading. Other gainers included National Commercial Bank 1180.SE and Al Rajhi Bank 1120.SE, which rose 1.1% and 0.5%, respectively.
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