The state-owned Saudi oil company’s stock briefly surged to 38.7 riyals ($10.32) per share on Thursday during the second day of public trading. The kingdom’s record IPO has reached the long-sought $2 trillion valuation.
The figure is nearly double that of the world’s other most valuable companies, Apple and Microsoft.
The oil giant raised a record $25.6 billion in its IPO last week, exceeding the $25 billion listing of China’s Alibaba in 2014.
© Saudi Royal Court © Reuters
Aramco’s “$2 trillion valuation is justified due to secured dividend streams,” Arqaam Capital analysts wrote in a report seen by Bloomberg.
The company’s record-breaking market listing is part of Crown Prince Mohammed bin Salman’s plan to reshape the Saudi economy and diversify the kingdom away from oil.
Had he not spent his country's money on the war against the poorest Arab country Yemen, continue to finance terrorist groups in Syria, Iraq, and elsewhere, not buy a yacht and a painting for the budget of a country, not wasted hundreds of billions of dollars on useless American weapons that couldn't protect this very company, he wouldn't have ever thought of selling off shares from this or any other company.
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