Saudi Aramco Shares Climb 10% in Pre-Market Auction
(Bloomberg) -- Bids for Saudi Aramco’s shares in the pre-market auction are at 35.2 riyals, according to data on Bloomberg. That’s an increase of 10%, the daily limit.
The Saudi stock exchange is holding an opening auction for the shares from 9:30 a.m. to 10:30 a.m. local time, 30 minutes longer than usual. Continuous trading will start after that, with price changes limited to 10% up or down.
Aramco raised $25.6 billion in the biggest-ever IPO, selling shares at 32 riyals each and valuing the company at $1.7 trillion, overtaking Microsoft Corp. and Apple Inc. as the most valuable listed company.
The start of trading in Riyadh marks the end of a near four-year saga that’s been intertwined with Crown Prince Mohammed bin Salman’s rise to global prominence and his Vision 2030 plan to reform the Saudi economy. First announced in an interview with Economist in January 2016, the IPO set records, but fell short of the $100 billion international offering with a valuation of $2 trillion that the prince once proposed.
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