ReutersSaudi Aramco’s stock rose sharply as the world’s biggest share listing got underway in Riyadh, rising 10% above the initial public offering price.
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…
