Saudi Aramco dominates, becomes first billion-dollar listed company

Aramco Market Cap: Saudi Arabian oil company Aramco holds the record for being the world’s first listed company with a market capitalization after a record IPO.

Riyadh:   Saudi Arabian oil company Aramco holds the record for the world’s first listed company with a market capitalization of two thousand billion dollars on Thursday on the second day of trading in the stock market after a record IPO. Aramco is already credited with being the world’s largest listed company. In second place is the US company Apple with a market capitalization of $ 1,190 billion.

On Thursday, three hours before the close of trading in Riyadh’s Tadawul stock market, the company’s stock was trading at 38.60 riyals i.e. $ 10.29. Ramco had fixed the IPO rate at 32 riyals i.e. $ 8.53 per share and by selling shares in the primary market Raised $ 25.6 billion. This IPO surpassed the record of 2014 IPO by Alibaba raising $ 25 billion.

Saudi Arabia’s Crown Prince Mohammed bin Salman’s ambitious plan is to revive the economy from dependence on crude oil. Under this, Aramco was offered to sell a 1.5 per cent stake, or three billion shares. On Wednesday, the company’s stock rose 10 per cent to close at 35.2 rial, or $ 9.39, on the first day of trading in the stock market. A maximum limit of 10 percent has been imposed for fluctuations in the company’s stock. As individual investors, Aramco shares can only be bought by investors in Saudi Arabia.

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