August 5, 2020, 19:20


Saudi Aramco Shares Open Above IPO Price in First Day of Trading

Saudi Aramco Shares Open Above IPO Price in First Day of Trading

Last week, the Saudi Arabian national petroleum and natural gas enterprise raised $25.6 billion after it launched an initial public offering that put Aramco’s total value at an estimated $1.7 trillion.

Saudi Aramco shares started the trading day at 10% above the IPO price on Wednesday, reaching 35.2 riyal or $9.39, in the first day of bidding.

The first-day success gave the oil enterprise a market value of $1.88 trillion, making it the world’s most valuable listed company.

This, however, failed to reach the desired $2 trillion mark sought by Saudi Crown Prince Mohammed bin Salman.

Saudi Arabia’s state oil company Aramco last week launched an initial public offering (IPO) with a record-breaking sum of $25.6 billion, surpassing the Chinese online trading giant Alibaba that raised $25 billion on Wall Street in 2014. The market launch put Aramco’s total value at an estimated $1.7 trillion.

Saudi Aramco is the world’s largest oil company, producing some 10 percent of the world’s supply, and is the most profitable firm on earth, with its half-year net profit rising 12 percent, to $46.9 billion. Aramco’s reports also show that the company in 2018 saw an annual net profit of $111 billion, over a third higher than the combined net income of the five ‘supermajor’ fossil fuel producers: Exxon Mobil, Shell, BP, Chevron and Total.

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