Saudi Aramco Soars 10% in Debut in ‘Vindication’ for Company

Saudi Aramco’s shares rose SAR 3.20, or 10% (the daily limit) to 35.2 riyals in Riyadh, raising the company’s valuation to $1.88T.

The debut, by any measure, is a success, and officially makes Saudi Aramco the world’s most valuable company.

“It’s a great day for Saudi Arabia and the leadership of Saudi Arabia and for the people of Saudi Arabia. It’s a D-Day for Aramco, it’s a day of reckoning and vindication,” Energy Minister Prince Abdulaziz bin Salman told Reuters.

Meanwhile, Saudi officials have held meetings in recent weeks with international investors to gauge their views on a possible listing of Aramco’s shares in Asia, the WSJ reports.

According to Reuters, the flotation propels the Tadawul into the world’s top 10 by value of listed companies.