• 5 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 3 hours Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 30 mins America's Frontline Doctors - Safely Start Living Again!
  • 30 mins France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 1 day Something wicked this way comes
  • 53 mins Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 1 day Permian in for Prosperous and Bright Future
  • 8 hours covid. stop the carriers and thus stop the virus.
  • 14 mins Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 16 mins Vote Biden for Higher Oil Prices
  • 59 mins TX NATGAS flaring
  • 2 days California’s Electric Vehicle Dream Has A Major Problem: No
  • 6 hours GPOR - Gulfport Oil - Why?
  • 2 days A sneak peak into the US election
  • 2 days Ethanol present in gasoline
  • 3 days "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
The $4.2 Trillion Trend Taking Over Wall Street

The $4.2 Trillion Trend Taking Over Wall Street

The ESG megatrend has taken…

A Geopolitical Time Bomb In Europe

A Geopolitical Time Bomb In Europe

Turkey has been acting increasingly…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudi Aramco Stock Soars 10 Percent As Markets Open

Saudi Aramco started trading with a bang on the Saudi stock market on Wednesday, surging by the maximum allowed 10 percent and giving the Saudi oil giant a valuation of US$1.88 trillion on its first day as a publicly-listed company.

Saudi Aramco’s shares jumped to US$9.39 (35.20 Saudi riyals) on their market debut on Wednesday, 10 percent higher than the final offer price of US$8.53 (32 riyals) in the initial public offering (IPO), which valued the company at US$1.7 trillion.

The 10-percent fluctuation is the maximum permitted up or down range which Aramco’s shares can trade in a day.

Saudi Arabia’s state oil giant had priced its IPO at the top end of the range—32 Saudi riyals ($8.53), which made the share listing the largest in history, surpassing the US$25-billion IPO of Alibaba on the New York Stock Exchange in 2014.

Following the record-breaking initial public offering, Aramco began today its life as a public company, while some analysts are still wondering how the Kingdom’s oil giant will allay foreign investors’ concerns about transparency and governance.   

Although the US$1.7 trillion valuation makes Aramco the most valuable listed company in the world, more than Apple and Google combined, the valuation was still US$300 billion short of the coveted US$2-trillion that Saudi Crown Prince Mohammed bin Salman has sought for years.

Saudi Arabia has had to rely on domestic interest in its oil giant, and possibly on large institutional investors from its Persian Gulf friends, as foreign fund managers have not been too keen to invest in the world’s most profitable oil company.

When its shares started trading on the Saudi stock exchange today, Aramco became the world’s largest listed firm by market capitalization, easily beating Apple whose market cap was some US$1.19 trillion early on Wednesday.

On its first day of trading, Aramco’s value reached US$1.88 trillion, closer to the US$2-trillion valuation the Saudis had sought.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News