Participants celebrate during the official ceremony marking the debut of Saudi Aramco’s initial public offering on the Riyadh’s stock market, in Riyadh, Saudi Arabia, December 11, 2019. — Reuters pic
That gives Aramco a market valuation of US$1.88 trillion, making it the world’s most valuable company as it closes in on the US$2 trillion price tag coveted by de facto ruler Crown Prince Mohammed bin Salman. Wealthy Saudi families are reportedly under pressure from the government to invest in the Aramco stock, with nationalists calling it a patriotic duty.
But the scaled-down offering is still a far cry from the blockbuster originally planned by Prince Mohammed. “It’s likely that we will see Aramco bid up to US$2 trillion or higher in the first days of trading,” Zachary Cefaratti, chief executive officer at Dalma Capital Management — which bought shares in the IPO — told Bloomberg News.
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