Shares of the Saudi state-owned oil company hit their daily limit on Wednesday, surging above their initial public offering (IPO) price to make Aramco the largest listed company in the world.
Aramco stock leapt to 35.2 Saudi riyals ($9.38) per share on the Riyadh stock exchange, up from the IPO price of 32 riyals. Such price gives Aramco a valuation of $1.88 trillion, surpassing that of Microsoft and Apple.
The oil giant raised a record $25.6 billion in its IPO last week, exceeding the $25 billion listing of China’s Alibaba in 2014.
Aramco CEO Amin Nasser told CNBC that the company was pleased with the day’s results.
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“We are progressing based on what was decided, which is to (price) Aramco at 32 riyals per share, which was agreed based on full analysis and evaluation,” Nasser said.
He added: “We are happy with the results today. And you have seen the market responds to our results, the company will continue to be the leader globally when it comes to the energy sector and we are looking at sustained and growing dividends to our investors. At the same time we continue our growth strategy, increasing profitability across cycles.”
Aramco’s record-breaking market listing is part of Crown Prince Mohammed bin Salman’s plan to modernize the Saudi economy and diversify the kingdom away from oil.
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