Aramco Soars in Debut to Hit Market Value of $1.88 Trillion
- Company is world’s largest after $25.6 billion stock sale
- Crown prince’s goal of $2 trillion valuation is in reach
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Saudi Aramco shares surged after the oil producer’s initial public offering, valuing the company at a record $1.88 trillion in the culmination of a four-year effort by the kingdom to list its crown jewel.
The stock jumped the daily 10% limit to 35.20 riyals when trading began at 10:30 a.m. in Riyadh as Aramco board members, Saudi officials and invited guests cheered at a ceremony at the Fairmont Hotel in the kingdom’s capital. The shares stayed there through the market close, putting Crown Prince Mohammed bin Salman’s goal of a $2 trillion valuation within reach.