Saudi Aramco Lists in Riyadh

Saudi oil and gas giant Saudi Aramco listed on the Saudi stock exchange (Tadawul) on December 11, after raising $25.6bn last week in the world’s largest ever initial public offering (IPO).

“We believe the demand from a broad base of individual investors and such a wide range of institutions reflects trust in our long-term strategy and our vision to become the world’s preeminent integrated energy and chemicals company, operating in a safe, sustainable and reliable manner,” Aramco CEO Amin Nasser said in a statement. “Building on our low-cost production and our reliable supply of low carbon-intensity crude oil to our customers, we will remain focused on providing our shareholders with resilient value creation through crude oil price cycles.”

Shares in Aramco rose 10% above the IPO valuation at their debut on the Saudi exchange, putting the company’s worth at $1.88 trillion. They jumped by a further 10% when trading began on December 12, briefing pushing its market value above $2 trillion - the original target for the IPO when the sale was first floated in 2016.

Only a 1.5% stake in Aramco was sold during the IPO, with the bulk going to domestic and regional buyers, according to Reuters.