Saudi Aramco shares open above IPO price in first day of trading
Moscow. 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, told Sputnik.
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.