The state-owned Saudi oil company’s stock briefly surged to 38.7 riyals ($10.32) per share on Thursday during the second day of public trading. The kingdom’s record IPO has reached the long-sought $2 trillion valuation.
The figure is nearly double that of the world’s other most valuable companies, Apple and Microsoft.
The oil giant raised a record $25.6 billion in its IPO last week, exceeding the $25 billion listing of China’s Alibaba in 2014.
Aramco’s “$2 trillion valuation is justified due to secured dividend streams,” Arqaam Capital analysts wrote in a report seen by Bloomberg.
The company’s record-breaking market listing is part of Crown Prince Mohammed bin Salman’s plan to reshape the Saudi economy and diversify the kingdom away from oil.
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