11/12/2019 16:04
Aramco shares jump in world's biggest ever market debut
Saudi Aramco's stock rose sharply as the world's biggest share listing got underway in Riyadh, rising 10% above the initial public offering price.
Last week the oil giant, which produces more than a tenth of global crude supply, raised $25.6bn (£19.5bn).
Saudi Arabia's royal family is privatising assets as part of a plan to move the kingdom away from its reliance on oil.
The money raised from the sales will be used for non-energy investments.
Today's 10% rise, Riyadh's Tadawul stock exchange's daily limit, gives Aramco a market valuation of around $1.88tn.
That easily makes it the world's most valuable listed company but still less than the $2tn targeted by Crown Prince Mohammed bin Salman.
However it is still the biggest share sale to date, surpassing that of China's Alibaba, which raised $25bn in 2014 in New York.