Saudi Aramco Rise For Second Day, Touches $2T Valuation

Investing.com – Saudi Aramco (SE:) shares rose for a second day, pushing the company’s valuation above $2 trillion.

The stock rose 4.6% on Thursday after surging as much as 10%, the daily limit, earlier in the day. It closed 10% higher on Wednesday.

A $2 trillion valuation for the company has long been sought by Saudi Arabia’s Crown Prince Mohammed bin Salman.

“We were expecting this IPO to be a blockbuster, and the performance in the past two days shows that was the case,” said Vijay Valecha, chief investment officer at Century Financial Consultancy LLC in Dubai, in a Bloomberg report.

“From the appetite we see for the stock, there is room for it to climb another 10% to 18% next week.”

Aramco (SE:) raised $25.6 billion in its IPO, which is the biggest offering in history, and overtook Microsoft (NASDAQ:) and Apple (NASDAQ:) as the most valuable listed company.

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