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Saturday, November 28, 2020
Home GCC Countries Saudi Arabia Saudi Aramco Shares Soar Maximum 10% On Market Debut

Saudi Aramco Shares Soar Maximum 10% On Market Debut

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Saudi Aramco shares surged after its initial public offering, valuing the oil producer at a record $1.88 trillion and lifting Saudi Arabia’s stock market into the ranks of the world’s largest.

Saudi Aramco’s indicative price is seen at 35.2 riyals ($9.39) per share in before-hours trading, up 10 percent from the IPO price of 32 riyals ($8.5) per share, Reuters reported, citing Refinitiv data.

A share price of $9.39 per share would give Aramco a valuation of $1.88 trillion.

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Saudi Aramco is set to begin trading on the Saudi Stock Exchange (Tadawul) on Wednesday under the symbol 2222 as part of the final stage of its blockbuster initial public offering (IPO).

Trading on the Tadawul will allow those that bought shares in Aramco during the IPO process to sell, and allow others to buy.

The stock is subject to a 10 percent fluctuation limit, meaning that it could trade as high as 35.2 riyals ($9.39) and can go no lower than 28.8 riyals ($7.68).

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During the first day of trading, the opening auction for Aramco will be extended by 30 minutes, the Tadawul said in a statement. The auction begins at 9:30 a.m. and ends 10:30 am local time.

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