Aramco shares rocket on debut

Saudi Aramco's shares soared on their debut on the domestic stock exchange yesterday, becoming the world's biggest listed company worth US$1.88 trillion after a record-breaking IPO. Aramco had priced the initial public offering at 32 riyals (US$8.53) per share, raising US$25.6 billion and eclipsing Alibaba's US$25 billion IPO of 2014 to become the world's largest. Aramco shares rose 10% to 35.2 riyals just seconds after trading began on Riyadh's Tadawul exchange, the maximum allowed on any trading day, further boosting the energy giant's valuation. The stock sale is the bedrock of de facto ruler crown prince Mohammed bin Salman's ambitious strategy to overhaul the oil-reliant economy. Photo Nampa/Reuters