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Saudi Aramco Share Posts First Drop Since Listing

Image for representation.

Image for representation.

The energy giant was listed on Tadawul on December 11 following the world's largest initial public offering and continued to rise since then, before edging down slightly at close on Tuesday.

  • AFP
  • Last Updated: December 17, 2019, 11:51 PM IST
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Riyadh: Saudi Aramco shares posted the first drop on Tuesday after five days of listing on the Saudi Stock Exchange Tadawul, but its valuation stayed above the sensitive USD 2 trillion mark.

The energy giant was listed on Tadawul on December 11 following the world's largest initial public offering and continued to rise since then, before edging down slightly at close on Tuesday.

Aramco shares closed Tuesday trading at 37.75 riyals ($10), down 0.25 riyals or 0.66 percent on the day, but the stock remains 18 percent higher than the IPO price of 32 riyals.

The market value of the world's largest listed firm still remained slightly above USD 2 trillion, a figure de facto ruler Crown Prince Mohammed bin Salman had sought when he first floated the sale almost four years ago.

Saudi authorities sold 1.5 per cent of Aramco in the IPO, raising USD 25.6 billion and surpassing China's Alibaba stock sale as the largest in the world.
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