World

Saudi oil giant Aramco makes the biggest IPO in history

The company, giant of the Saudi oil sector, is valued at 1 700 billion dollars (1 533 billion euros).

This is the biggest IPO in history. The Saudi oil giant Aramco made its first steps on Wednesday, December 11, on the financial center of Riyadh. The juggernaut of black gold entered at 8:30 am, Paris time, on the Tadawul, the Saudi reference index. The action has gone up by 10% since the opening.

Aramco confirmed last week that it has raised $ 25.6 billion since the beginning of the subscription period to 1.5% of its shares. The amount on the one hand is 32 riyals (7.5 euros). The Saudi national flagship surpasses the previous record held by China's online trading group Alibaba and its $ 25 billion raised in 2014 when it entered Wall Street.

The raised funds value the Saudi company at $ 1,700 billion, far ahead of Apple ($ 1,200 billion), Microsoft ($ 1,140 billion) and Alibaba ($ 1,051 billion). The operation is part of a broad reform plan to diversify the Saudi economy largely dependent on the export of crude oil.

Tags

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close