Saudi Aramco is the leading producer of energy and chemicals that drive global commerce and enhance the daily lives of people around the globe. The Saudi local oil company entered the Tadawul stock exchange in Saudi Arabia. According to the IPO results, it became the most significant public company in the world by market capitalization, immediately surpassing Apple and Microsoft.
The Saudi oil giant became the world’s biggest listed company on Wednesday, on the first day of trading, when its shares increased by 10%, valuing it at $1.87 trillion.
The experts forecast further growth of the company to over $2 trillion. An interesting fact is that such capitalization does not only double the results of Apple and Microsoft, but it even exceeds the total value of five leading international oil companies.
Before the Initial Public Offering, Saudi Aramco was wholly owned by the state. However, the Crown Prince of Saudi Arabia, Mohammed bin Salman, wanted it to be valued at $2 trillion. To implement this plan, state investment funds encouraged to purchase shares of Saudi Aramco immediately after the start of trading in Riyadh. Still, after the listing, this mark could not be reached.