An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia.
Ahmed Jadallah | Reuters
Saudi Aramco, the world's largest initial public offering (IPO), surged past expectations as it debuted on the country's stock exchange on Wednesday morning.
Shares of the state-owned oil company rose to 35.2 riyals ($9.38) in early deals in Riyadh, after initially debuting at 32 Saudi riyals, giving it a valuation of $1.88 trillion.
Aramco's public debut, which listed 1.5% of its shares locally on the Saudi Tadawul, is the largest on record — topping the $25 billion Alibaba raised when it went public in September 2014.
The oil giant's initial public offering has surpassed its earlier valuation of $1.7 trillion, announced when share pricing was disclosed last week at the top of market range. But the $1.88 trillion valuation remains below what the kingdom had initially been targeting and relying heavily on local investors after canceling international roadshows due to lackluster foreign interest.
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https://news.google.com/__i/rss/rd/articles/CBMiVGh0dHBzOi8vd3d3LmNuYmMuY29tLzIwMTkvMTIvMTEvc2F1ZGktYXJhbWNvLWlwby1zaGFyZXMtc3VyZ2UtYXMtdHJhZGluZy1iZWdpbnMuaHRtbNIBWGh0dHBzOi8vd3d3LmNuYmMuY29tL2FtcC8yMDE5LzEyLzExL3NhdWRpLWFyYW1jby1pcG8tc2hhcmVzLXN1cmdlLWFzLXRyYWRpbmctYmVnaW5zLmh0bWw?oc=5
2019-12-11 07:34:00Z
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