The Saudi Aramco share made a big leap on Wednesday at its stock market debut in Riyadh. The Saudi state oil company went on the stock market for 32 riyal per share and was more than 10 percent higher after a few minutes of trading.
That gives the company a value of nearly 1.9 trillion dollars. That is $ 1900 billion, making Saudi Aramco the most valuable listed company in the world.
The IPO was also the largest ever. Saudi Aramco raised 25.6 billion dollars, equivalent to 23 billion euros, by placing a relatively small tuft of shares. The old record was in the hands of the Chinese web store giant Alibaba in 2014. He raised 25 billion dollars at his entrance to the stock exchange in New York.
Incidentally, the Saudi crown prince Mohammed bin Salman aimed for a valuation of 2 trillion dollars for Saudi Aramco. But the interest from abroad for the shares was lukewarm, among other things after the drones attacks on various installations of the company in September. That was in contrast to the strong national and regional demand for the effects of Saudi Aramco.
According to business newspaper The Wall Street Journal, Saudi Aramco is also considering a second listing in Asia. There have been discussions about this lately. Next year, the company would like to work seriously on an extra listing. For this, the oil company would focus on the stock exchanges in China or Japan.