PressBee - Russia Today :
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.
Saudi Aramco shares rally 10% on stock market debut for world’s biggest company