Shares in Saudi Aramco surged 10 percent as the world’s largest oil producer began trading in its home country on Wednesday, following its record initial public offering (IPO).
The state-controlled oil giant’s shares opened at 35.2 riyals ($9.39), 10 percent above the IPO price of 32 riyals ($8.53) to give it a market value of $1.88 trillion.
The listing comfortably makes Aramco the largest listed company worldwide, overtaking Microsoft Corp and Apple Inc, as well as catapulting Riyadh’s stock exchange into the world’s top 10 by the value of listed companies.
Vandana Hari, the founder and CEO of Vanda Insights, a company providing global oil markets’ analysis, talks to Al Jazeera about the development.
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