Saudi Aramco raises $25.6 bn in largest IPO, breaks Alibaba's record : News Reel: Business Today
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Saudi Aramco raises $25.6 bn in largest IPO, breaks Alibaba's record

December 6, 2019
Saudi Arabia's state oil company Aramco raised $25.6 billion in its initial stock offering. The amount raised has broken the record of Chinese online giant Alibaba's $25 billion-debut on the Wall Street in 2014. The market launch has spiked Saudi Aramco's value at $1.7 trillion. It is now way ahead of the other contenders in the trillion-dollar club - Apple at $1.2 trillion and both Microsoft and Alibaba at $1.1 trillion. However, it fell short of Crown Prince Mohammed bin Salman's target of $2 trillion. Saudi Aramco will begin trading three billion shares on the country's Tadawul stock exchange on December 12 at a starting price of 32 riyals or $8.53. The new private shareholders are mostly Saudis. The government used a series of initiatives to encourage Saudis to buy a stake in the kingdom's crown jewel. Watch the video for more.


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