Shares of Saudi Aramco Spike, Almost Giving it a $2 Trillion Valuation
Posted on 12/11/2019
Shares of oil giant Saudi Aramco jumped 10% on its opening day of trading (December 11, 2019) after the company started trading shares publicly on the Tadawul exchange. The surge in company share price gives the company a valuation of US$ 1.88 trillion, near Saudi Crown Prince Mohammad bin Salman’s goal of a US$ 2 trillion company valuation. Saudi Aramco raised US$ 25.6 billion in its initial public offering, floating a 1.5% stake. 23% of the investors in the IPO were foreign from places such as the United States, China, Europe and other Gulf countries, according to Ammar Al Khudairy, Samba Financial Group Chairman, during a panel at the SALT conference in Abu Dhabi.