- The world largest oil and gas company, Saudi Aramco breaks the all-time $1 trillion Market Cap record of Apple
- Reaches USD 2 Trillion value in day 2 of trading
Saudi Aramco shares extensively surged on the second day of public trading, pushing the kingdom’s record IPO to a gigantic $2 trillion valuation.
Share rose 10% to 38.7 riyals apiece which is $10.32.
Saudi Aramco is now worth $1 trillion higher than the world’s next-largest public companies Microsoft and Apple. The company has sold a 1.5% share to Saudi investors and local Saudi and Gulf-based funds.
Saudi’s Crown Prince Mohammed bin Salman had ambitions to attain a $2 trillion valuation for Aramco. In 2015, he announced plans to sell a silver of the state-owned company.
Many international investors didn’t believe the Crown Prince given the falling oil prices, climate change concerns, and geopolitical risks associated with Aramco.
However, Saudi Aramco has done it in just 2 days of trading. At a ceremony for beginning of trading, Aramco Chairman Yasir Al-Rumayyan described the sale as “a proud and historic moment for Saudi Aramco and our majority shareholder, the kingdom.”