Saudi Aramco gains 10% in debut to clinch top seat at $1.8T

Saudi Arabia's oil company Aramco gained 10% in its first moments on theWednesday 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.

At pre-trading auction earlier in the morning, bids for Aramco had already reached the 10% limit on stock price fluctuation allowed by Tadawul. That pushed the price of Aramco shares in opening moments to 35.2 riyals, or $9.39 a share, where it held until closing at 3 p.m.struck Aramco's main processing facility. Still, the company remains attractive to many local investors.

Crown Prince Mohammed bin Salman plans to use the money raised from the sale of a sliver of the kingdom's crown jewel to diversify the country's economy and fund major national projects that create jobs for millions of young Saudis entering the workforce. Saudi companies and government institutions raised 51% of the overall demand, with public and private funds contributing to the remaining 26%, Samba Capital said.

A brief ceremony as trading started on Wednesday saw a countdown in Arabic, the sounding of a bell, a light show with music and applause all around. At the celebration at the Fairmont hotel in Riyadh, Aramco Chairman Yasir Al-Rumayyan, described the sale as “a proud and historic moment for Saudi Aramco and our majority shareholder, the kingdom.” He said it demonstrates further significant progress toward Saudi Arabia’s transformation and economic growth.

Zachary Cefaratti, chief executive officer of Dalma Capital which invested in Aramco through funds, said he anticipates the company could as early as Thursday become the first in the world valued at over $2 trillion if another day of 10% gains are met.

No wonder they have plenty of money to keep our president paid off so he won't say much about all the Saudi killings.

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