December 11, 2019 / 7:52 AM / 2 months ago

Saudi Aramco shares open 10% above IPO price, garners $1.88 trillion valuation

A man walks at the Saudi Stock Exchange (Tadawul) following the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019. REUTERS/Ahmed Yosri NO RESALES. NO ARCHIVES.

RIYADH/DUBAI (Reuters) - Saudi Aramco (2222.SE) shares opened at 35.2 riyal ($9.39) on Wednesday, 10% above their IPO price of 32 riyals, in their first day of trading following a record initial public offering.

That gives the state-controlled oil giant a market value of about $1.88 trillion, comfortably making it the world’s most valuable listed company, but well below the $2 trillion price-tag long sought by Saudi Crown Prince Mohammed bin Salman.

Saudi Arabian Oil Co (Aramco) priced its IPO last week, raising $25.6 billion and beating Chinese tech firm Alibaba’s (BABA.N) $25 billion listing in 2014.

Saudi Arabia relied on mainly domestic and regional investors to buy a 1.5% stake in Aramco after lukewarm interest from abroad.

Reporting by Marwa Rashad, Stephen Kalin and Saeed Azhar, editing by Louise Heavens

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