Saudi Aramco shares closed 10 per cent higher on Wednesday after the state oil company’s first day of trading on Riyadh’s Tadawul stock exchange, giving the group a market capitalisation of nearly $1.9tn.
The company’s stock market debut marks the culmination of a nearly four-year process since Crown Prince Mohammed bin Salman, the heir apparent, first disclosed plans for a listing.
After a series of delays and ultimately a scaling back of its ambitions, Saudi Aramco raised $25.6bn in the largest initial public offering, surpassing the $25bn raised by China’s Alibaba when it debuted on Wall Street in 2014.
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