Shares of the world's largest oil company, Saudi Aramco, have grown a record 10 percent in its second day of trading after releasing its initial public offering, giving the company a value of $2 trillion, according to data from the Saudi stock exchange, the Tadawul
MOSCOW (Pakistan Point News / Sputnik - 12th December, 2019) Shares of the world's largest oil company, Saudi Aramco, have grown a record 10 percent in its second day of trading after releasing its initial public offering, giving the company a value of $2 trillion, according to data from the Saudi stock exchange, the Tadawul.In the first minutes of trading on Thursday, Saudi Aramco's shares rose by 9.94 percent to 38.7 Riyals per share ($10.32), putting the company's value at $2.06 trillion.
Trading started on Wednesday with the debut price of 35.2 riyals per share. The trading volume for Wednesday was 1.1 billion riyals. This corresponds to a 10 percent increase, which the stock exchange set as the maximum allowable for one day.
Based on the offer price, Saudi Aramco was worth approximately $1.7 trillion, becoming the most valuable publicly traded company in the world. US tech giant Apple, which is currently worth $1.2 trillion, comes second.
