Saudi Aramco shares spike 10% on its opening day of trading
Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the world's biggest-ever IPO. Due to regulations on the Tadawul, a 10% spike was the maximum possible for the debut. The offering raised $25.6 billion, according to the Financial Times, putting it just ahead of the previous record IPO, which was the $25 billion amassed by Alibaba in 2014 in the New York Stock Exchange. This is a developing story, more to follow.
Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the world's biggest-ever IPO. Due to regulations on the Tadawul, a 10% spike was the maximum possible for the debut. The offering raised $25.6 billion, according to the Financial Times, putting it just ahead of the previous record IPO, which was the $25 billion amassed by Alibaba in 2014 in the New York Stock Exchange. This is a developing story, more to follow.
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