Saudi Aramco's shares soared on their debut on the Saudi Stock Exchange (Tadawul) on Wednesday, becoming the world's biggest listed company worth $1.88 trillion after a record-breaking IPO. Aramco had priced the initial public offering at SR32 riyals ($8.53) per share, raising $25.6 billion and eclipsing Alibaba's $25 billion IPO of 2014 to become the world's largest. Aramco shares rose 10 percent to SR35.2 riyals just seconds after the debut on the Saudi Stock Exchange (Tadawul), the maximum limit allowed on any trading day, further boosting the energy giant's valuation. "Today Saudi Arabia is no longer the only shareholder of the company," Chairman of Saudi Aramco and Governor of Public Investment Fund Yassir Al-Rumayyan said at a glitzy launch ceremony. "More than five million shareholders have joined, including citizens and residents, in addition to (Gulf) countries and international investment institutions. This is a day when everyone in Aramco and in the Kingdom can be immensely proud." Aramco IPO process had put the energy giant's value at $1.7 trillion, far ahead of other firms in the trillion-dollar club, including Apple and Microsoft. The listing of Aramco, with its huge capital value, boosts Saudi Stock Exchange (Tadawul) — to the ranks of the world's top ten. "Today Saudi Aramco has become the largest listed company in the world, and Saudi Stock Exchange (Tadawul) is among the top 10 global financial markets," Chairwoman of the Saudi Arabian stock exchange Sarah Al-Suhaimi said during a ceremony marking Saudi Aramco's first day of trading. Amin Nasser, the president and CEO of Saudi Aramco, thanked the new shareholders for their confidence and trust of the oil company. The sale of 1.5 percent of the firm, or three billion shares, is the bedrock of Crown Prince Muhammad Bin Salman's ambitious strategy to overhaul the oil-reliant economy.
