Shares rose 10% just seconds after their Riyadh stock market debut. FMTNews SaudiAramco
Stock market officials walk under a screen displaying the value and volume traded of Aramco’s IPO.
Aramco shares rose 10% to 35.2 riyals just seconds after the debut on Riyadh’s Tadawul exchange, the maximum limit allowed on any trading day, further boosting the energy giant’s valuation. The sale of Aramco shares is the bedrock of de facto ruler Crown Prince Mohammed bin Salman’s ambitious strategy to overhaul the oil-reliant economy.
But the scaled-down listing is still a far cry from the blockbuster originally planned by Prince Mohammed who had eyed a US$2.0 trillion valuation. The Saudi government itself has pumped in huge funds to boost the IPO, which was originally intended to raise external funding for the kingdom’s diversification plan.
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