Saudi Aramco has a successful debut in Riyadh
Just within seconds of the start of trading, the company’s shares rose 10% percent
Stocks impacted: Saudi Aramco (2222)
On Wednesday, shares of the world’s largest oil company made their debut on the Saudi stock exchange. Immediately after the start of trading, stocks jumped 10%, which is the daily maximum allowed by the exchange in Riyadh. The company is expected to have the largest initial public offering ever as the launch is expected to raise at least $25.6 billion. In its debut on the Saudi Tadawul, Aramco listed 1.5% of its shares. As the offering attracted demand for more than four times the amount of shares offered, Saudi Aramco set the initial share price at $8.53.
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