Saudi Aramco shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut, closing in on a $2 trillion valuation, making it the world's most valuable listed company
“This is a successful IPO and the Aramco listing will add depth to the local market by providing exposure to a vital sector of Saudi Arabia’s economy,” said Bassel Khatoun, managing director, frontier and MENA at Franklin Templeton Emerging Markets Equity.
Participants attend the official ceremony marking the debut of Saudi Aramco's initial public offering on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019. REUTERS/Marwa RashadFinance Minister Mohammed al-Jadaan told Reuters the bulk of the IPO proceeds would be used on domestic projects, while the global buzz around the listing would help attract foreign capital into the Saudi economy.
Aramco shares began trading half an hour after the market open as the bourse allowed extra time for investors to place bids in the “opening auction” in anticipation of high demand.
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