By Barbara Kollmeyer, MarketWatch , Associated Press
AFP via Getty Images
Shares of Saudi Arabia’s oil company Aramco surged Wednesday in their debut on the Saudi Tadawul stock exchange, reaching a 10% daily limit in early action.
According to the stock exchange’s website , Aramco shares most recently changed hands at 35.20 Saudi riyals ($9.39), after debuting at 32 riyals SA:2222 -0.30% in the sale of 1.5% of the company’s shares. The most recent share price brings Aramco’s value up to $1.88 trillion.
The massive $25.6 billion initial public offering has become the biggest in history. Aramco is now the world’s most valuable company. That’s more than the top five oil companies -- Exxon Mobil /zigman2/quotes/204455864/composite XOM -0.46% , Total /zigman2/quotes/206172043/delayed FR:FP -0.76% , /zigman2/quotes/201824152/composite TOT -0.94% Royal Dutch Shell /zigman2/quotes/205095589/composite RDS.A -1.31% , /zigman2/quotes/206428183/delayed UK:RDSA -1.80% Chevron /zigman2/quotes/205871374/composite CVX -0.77% and BP /zigman2/quotes/207305210/composite BP -1.20% — /zigman2/quotes/202286639/delayed UK:BP -2.71% combined.
The IPO has been targeted at Saudi nationals as well as some strategic investors, though investment bankers failed to draw in international buyers.