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Dubai: Saudi Aramco became the world’s “most valuable firm” after its shares traded 10 per cent higher within the first 30 minutes of its debut.
This helped boost the valuation ever closer to that crucial $2 trillion mark mooted by the Saudi Crown Prince Mohammed bin Salman in 2016.
The oil colossus opened at 35.2 Saudi riyals ($9.39) on the kingdom’s Tadawul stock exchange, above the set price of 32 riyals, giving it a valuation of $1.88 trillion.
“The momentum of buying the stock is skyrocketing and expected to continue throughout the week,” said Mohamed Zidan, Chief Market Strategist at ThinkMarkets. “For now, I expect the range of the stock would be between 38-45.
“However, one of the advantages of the stock is its dividend yield, which would diminish with price appreciation. That in turn could stabilize the price and put pressure on high demand.”
The day was termed “historic” by Tadawul Chairperson Sarah Al-Suhaimi during a ceremony marking the Aramco’s first day of trading. The listing helps the exchange take a position among the Top 10 globally in terms of market value.
Aramco, officially known as “Saudi Arabian Oil Co.”, started trading on the local bourse at 0730 GMT under the symbol ‘2222’. The state-owned colossus had raised $25.6 billion from the IPO, making it the world’s biggest offering after China’s e-commerce major Alibaba raised $25 billion in 2014. The listing also made it the most profitable company globally.
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