The Saudi Arabian Oil Company snatched the tag of being the world’s most valuable publicly-traded company from Apple Inc (AAPL) as its shares began trading on Riyadh’s Tadawul stock exchange on Wednesday.
The shares of the state-owned oil company, better known as Saudi Aramco, opened 10% higher at $9.39 on day one of its trading, the maximum permissible gain or fall allowed in a day on the Tadawul exchange.
Aramco raised $25.6 billion in what was the largest initial public offering ever raised, beating Alibaba Group Holding Ltd.’s (BABA) previous record of $25 billion.
The oil company offered 1.5% of its total stake in the IPO priced at $8.53 each, giving it a total valuation of $1.7 trillion.
Aramco’s total valuation has risen to $1.88 trillion at press time, and the oil company could soon cross the $2 trillion mark set by Saudi Arabia’s Crown Prince Mohammed Bin Salman in October 2018.
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