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Saudi Aramco passes $2 trillion market value

Saudi Aramco’s shares soared higher on the second day, passing the $2 trillion in market value at market open on Thursday.

In a report by Reuters, the shares in the oil giant were trading gained the maximum 10 percent allowed by the Riyadh exchange on their first day of trading, hit 38.7 riyals ($10.32) on Thursday before it eased to 37.5 riyals.

Zachary Cefaratti, chief executive of Dubai-based Dalma Capital said in a separate report by The National, that the successful IPO and strong performance will “awaken the ‘animal spirits’ of the market and open investor’s eyes to the investment opportunities the kingdom has to offer the world”.

A total of 1.5 percent of the company or 3 billion shares were offered to retail and institutional investors and the company may have a second listing in the future on a foreign exchange.

The company’s initial public offering (IPO) has surpassed record holder Alibaba Group Holding Ltd, the Chinese conglomerate and e-commerce company that raised about $25 billion in 2014.

Staff Report

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