Saudi Aramco debuted on the Saudi stock exchange in the world’s biggest IPO today. The state-owned oil company now has a valuation of $1.88 trillion that makes it the largest listed company in the world ahead of Microsoft and Apple.
The launch follows a weeks-long local roadshow around the Middle East that saw Aramco's local listing many times oversubscribed, according to banks advising the listing.calling the valuation a "hollow win"Gulf allies the United Arab Emirates and Kuwait are believed to have made substantial commitments to the Saudi project, with the Kuwait Investment Authority and Abu Dhabi reportedly investing up to $1 billion and $1.
More obvious risks include the supply, demand and price of crude or how much oil the Saudi government decides to produce, as the country is the largest producer in OPEC.in September, which forced Riyadh to cut output by 50%. It took weeks for the Saudi government to restore capacity, though the recovery was far quicker than markets expected. Other risks include climate change and the company's dependence on demand from Asia, its prospectus said.
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