#Saudi Aramco shares jump 10% in oil group’s trading debut | Financial Times

Saudi Aramco shares jump 10% in oil group’s trading debut | Financial Times:

Saudi Aramco shares rallied 10 per cent on Wednesday as the state oil company began trading on Riyadh’s Tadawul stock exchange, giving the group a market value of nearly $1.9tn.

The company’s stock market debut marks the culmination of a nearly four-year process since Crown Prince Mohammed bin Salman, the heir apparent, first disclosed plans for a listing.

After a series of delays in which the company was forced to scale back its ambitions, Saudi Aramco raised $25.6bn in the largest IPO, surpassing the $25bn raised by China’s Alibaba when it debuted on Wall Street in 2014 and giving it a valuation of $1.7tn.

Saudi Aramco’s shares rose by the maximum level with bids at 35.2 riyal, confirming its position as the world’s most valuable company — more than the combined market capitalisation of the five biggest international oil companies.