This post was originally published on this site
Shares of Saudi Arabia’s oil company Aramco surged Wednesday in their debut on the Saudi Tadawul stock exchange, reaching a 10% daily limit in early action.
According to the stock exchange’s website, Aramco shares most recently changed hands at 35.20 Saudi riyals ($9.39), after debuting at 32 riyals in the sale of 1.5% of the company’s shares. The most recent share price brings Aramco’s value up to $1.88 trillion.
The massive $25.6 billion initial public offering has become the biggest in history. Aramco is now the world’s most valuable company. That’s more than the top five oil companies — Exxon Mobil XOM, -0.86% , Total FP, -0.20% , TOT, -0.17% Royal Dutch Shell RDS.A, +0.16% , RDSA, +0.51% Chevron CVX, +0.50% and BP BP, -0.24% — BP, +0.07% combined.
The IPO has been targeted at Saudi nationals as well as some strategic investors, though investment bankers failed to draw in international buyers.
Read: The most important thing to know about the Saudi Aramco IPO
