Aramco Debuts the First Trading Day with a 10% Jump, Increasing Valuation to $1.88tn!

The share price of the state-owned oil giant Saudi Aramco, the world’s biggest IPO at the price of 32 riyals ($8.53) per share, rose to 35.2 riyals ($9.38) or 10% in the early trading session on its debut at Saudi’s stock exchange.

The increase of Aramco’s share prices had hiked its valuation from the initial $1.7 trillion to $1.88 trill in less than a day, but still below the expectation of $2 trillion by the Crown Prince Mohammed bin Salman.

Aramco’s advisors said they may partly or fully exercise a 15% “greenshoe” option, allowing it to increase the size of the deal to a maximum of $29.4 billion.