Saudi Aramco starts trading, gaining 10% and reaching $1.8 trillion
Saudi Arabia’s oil company Aramco gained 10% in its first moments on the stock market Wednesday in a dramatic debut that held until closing and pushed its value up to $1.88 trillion, surpassing Apple as the largest listed company in the world.
A stunning attack in September blamed on Iran struck Aramco’s main processing facility. Still, the company remains attractive to many local investors. Aramco is worth more than the top five oil companies — Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP — combined. It also has one of the lowest costs of production, estimated at around $4 a barrel.
What the 34-year-old prince had initially sought was a $2-trillion valuation for Aramco and the sale of up to 5% of the company — on an international stock exchange as well as the Saudi market — that could raise $100 billion. “They have had to launch the IPO on their own stock exchange as the valuation was unlikely to be achieved elsewhere,” said John Colley, associate dean at Warwick Business School in the U.K.
Strong demand for Aramco’s stock has so far been mostly generated by Saudi funds, rather than the wider net of international investors the crown prince’s economic diversification plan may need to succeed.
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