Saudi Arabian oil company Saudi Aramco shares surged to the maximum allowed 10 percent above their listing price on their debut in Riyadh on Wednesday.
The stock jumped to SR35.2 ($9.39), up from the initial public offering (IPO) price of SR32 ($8.53), hitting the daily limit permitted by the Tadawul stock exchange and giving the company a valuation of about $1.88 trillion.
The IPO on Saudi Arabia’s Tadawul stock exchange in Riyadh valued Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple (AAPL), which is worth nearly $1.2 trillion.
At that price, Aramco is the world’s most valuable listed company. That’s more than the top five oil companies – Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP – combined.
The Aramco IPO also surpassed the $25 billion raised by Chinese retail giant Alibaba in its 2014 Wall Street debut.
The vast majority of buyers for the stock are in Saudi Arabia. Samba Capital, which managed the IPO, said Tuesday that 97% of retail investors who received shares were from the country. More than 75% of shares sold to institutional investors went to Saudi companies, funds and government institutions.
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