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Saudi Aramco`s market value will exceed $2 trillion after its floating on its stock exchange. Saudi Arabian energy minister said Friday. a day after the company hit a valuation of approximately $1.7 trillion in its initial public offering (IPO).
With high demand from individual and institutional investors on 1.5% of its shares. Aramco`s final price per share was determined to be at the top of its offer range at 32 Saudi riyals ($8.53) Thursday.
That put the Saudi crown jewel`s market valuation just over $1.7 trillion. surpassing Apple`s market capitalization of $1.1 trillion. to become the world`s most valuable company.
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman. however. said Aramco`s market cap could soon climb to more than $2 trillion — a value that was set by his half-brother Crown Prince Mohammed bin Salman three years ago when he introduced the idea of an IPO.
`Aramco will be higher than $2 trillion soon. and all can bet on that to happen.` Abdulaziz bin Salman said during a media session Friday after the conclusion of an OPEC meeting in Vienna.
Aramco`s final share price coming at the top of its offer range was `the proudest day` of his career. he said..
While Aramco earned $25.59 billion from its IPO. it broke the previous record held by Chinese e-commerce giant Alibaba`s offering on the New York Stock Exchange in 2014 when $21.8 billion was raised in a single day.
Aramco shares will begin to be trade publicly on Saudi stock exchange Tadawul next week.
