Saudi Aramco starts trading, gaining 10% and reaching $1.8T.
Saudi Arabia's oil company Aramco gained 10% in its first moments on theWednesday in a dramatic debut that held until closing and pushed its value up to $1.88 trillion, surpassing Apple as the largest listed company in the world.
At pre-trading auction earlier in the morning, bids for Aramco had already reached the 10% limit on stock price fluctuation allowed by Tadawul. That pushed the price of Aramco shares in opening moments to 35.2 riyals, or $9.39 a share, where it held until closing at 3 p.m.struck Aramco's main processing facility. Still, the company remains attractive to many local investors.
Crown Prince Mohammed bin Salman plans to use the money raised from the sale of a sliver of the kingdom's crown jewel to diversify the country's economy and fund major national projects that create jobs for millions of young Saudis entering the workforce. Saudi companies and government institutions raised 51% of the overall demand, with public and private funds contributing to the remaining 26%, Samba Capital said.
A brief ceremony as trading started on Wednesday saw a countdown in Arabic, the sounding of a bell, a light show with music and applause all around. At the celebration at the Fairmont hotel in Riyadh, Aramco Chairman Yasir Al-Rumayyan, described the sale as “a proud and historic moment for Saudi Aramco and our majority shareholder, the kingdom.” He said it demonstrates further significant progress toward Saudi Arabia’s transformation and economic growth.
Zachary Cefaratti, chief executive officer of Dalma Capital which invested in Aramco through funds, said he anticipates the company could as early as Thursday become the first in the world valued at over $2 trillion if another day of 10% gains are met.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Boost for Saudi Arabia as Aramco shares surge 10% on debutSaudi Aramco's indicative debut price seen at 35.2 riyals, 10% above IPO price
Leer más »
Saudi Aramco shares jump 10% on stock market debutSaudi Aramco shares opened up 10% on their Riyadh stock market debut on Wednesda...
Leer más »
Saudi Aramco shares surge to hit their daily 10% limit as historic IPO begins tradingSaudi Aramco, the world's largest initial public offering (IPO), surged past expectations as it debuted on the country's stock exchange on Wednesday morning.
Leer más »
Aramco Shares Rise 10% After World’s Biggest IPOSaudi Aramco shares jumped after the world’s largest initial public offering. The trading debut caps a four-year drive by Crown Prince Mohammed bin Salman to deliver the listing of the state-backed oil company.
Leer más »
Saudi Aramco IPO: Only 1.5% of shares tradable, among lowest in world - Business InsiderMost large-cap companies offer far more of their stock in IPOs. Apple, Amazon, and Alphabet all have more than 84% of their shares listed publicly.
Leer más »
Aramco IPO to help Saudi economic shift from oil, says finance ministerAramco's shares surged the maximum permitted 10 percent on their Riyadh stock market debut on Wednesday.
Leer más »