Saudi Aramco’s stock rose sharply by 10% earlier today, after its listing got underway in Riyadh, following the world’s largest IPO last month and its record raise of £19.5bn last week.
The firm, which produces 10% of the world’s crude oil and is owned by the Saudi Royal Family, is looking at privatising its assets as part of a larger plan to move away from a reliance on oil.
The money raised from the sales and the listing will be used for non-energy investments.
Today’s 10% rise on Riyadh’s Tadawul stock exchange will now give Aramco a market valuation of around £1.43tn.
The company was previously in an unofficial race to surpass the $2tn valuation alongside US tech giants Apple and Amazon. The news today has mean that Saudi Aramco is the first company in history to surpass this mark.