RIYADH, Saudi Arabia (AP) - Saudi Arabia’s oil company Aramco gained 10% at the opening of trading on the Saudi Tadawul stock exchange.
The oil giant started trading for the first time ever, after a mammoth $25.6 billion initial public offering that set the record as the biggest in history.
At the opening of trading on Wednesday morning in Riyadh, its stock price rose 10% — the daily regulatory cap limit — hitting 35.2 Saudi riyals per share, or what is $9.39. At that price, Aramco is the world’s most valuable listed company at $1.88 trillion.
That’s more than the top five oil companies — Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP — combined.