Saudi oil giant Saudi Aramco successfully traded in the stock market, becoming the world's largest stock picking when its stock jumped 10 percent on its debut on the Riyadh Stock Exchange. The Saudi company is approaching the valuation of $ 2 trillion (about € 1.8 trillion) desired by Crown Prince Mohamed Ben Salmane.
The price of the action of the juggernaut of the black gold gained 3,2 riyals (0,75 euro cent) bringing its value to 35,2 riyals (8,5 euros), only seconds after the CEO of Aramco, Amin Nasser, rang the bell marking the beginning of Aramco on the stock market.
The listing of the company that generates the most profits in the world propels the Saudi Stock Exchange among the top ten in the world, by the total valuation of its listed companies.
Aramco made the largest initial public offering, selling 1.725% of its shares for a record $ 29.44 billion (€ 26.5 billion). This makes it by far the largest listed company in the world, even if its "floating" of outstanding securities, of only 1.5%, is one of the lowest.
The placement on the market of part of the capital of Aramco responds to the will of Mohamed ben Salmane to reduce the dependence of the Saudi economy on oil and the income generated should be injected into megaprojects infrastructure.
The previous largest IPO in the world was that of China's online trading giant Alibaba, which raised $ 25 billion in 2014.
With Reuters and AFP
Newsletter Do not miss out on international news
Do not miss out on international newssubscribe
google-play-badge_FR