Saudi state oil company Aramco’s shares soared 10% on their debut on the domestic stock exchange Wednesday, becoming the world’s biggest listed company worth $1.88 trillion after a record-breaking IPO.
Aramco had priced the initial public offering at 32 riyals ($8.53) per share, raising $25.6 billion and eclipsing Alibaba’s $25 billion IPO on Wall Street in 2014 to become the world’s largest.
The company’s stock market debut on the Ritadh’s stock exchange marks the culmination of a nearly four-year process since Crown Prince Mohammed bin Salman, the heir apparent, first disclosed plans for a listing.
The 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 capitalization of the five biggest international oil companies.
Riyadh has sought to ensure the shares trade higher after Saudi Aramco’s debut by asking Saudi institutions and wealthy families to buy shares following the start of trading. Officials are pushing to secure a $2tn valuation long sought after by Prince Mohammed.