Saudi Aramco IPO starts Trading, Gains 10%
Saudi Arabia's oil company Aramco began trading, gaining 10% in its debut at the Saudi Tadawul stock exchange. The initial launch pushed it's growth 10% valued to USD 1.88 trillion, higher than any other listed company in the world.
Trading for Aramco shares began at 10:30 am in Riyadh.
The state-owned oil giant started a mammoth USD 25.6 billion IPO that set the record as the biggest ever in history.
The company had announced a sale of 1.5 percent of its shares at 32 Saudi riyals a share, or what is $8.53.
At a pre-trading auction earlier in the morning, bids for Aramco's shares reached the 10 percent limit on stock price fluctuation allowed by the Tadawul stock exchange.
That pushed the price of Aramco shares to 35.2 riyals, or USD 9.39 a share.
This makes Aramco more ...