Briefing

Aramco shares jump 10 per cent on first day of trading for world’s largest IPO

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Shares went from 32 Saudi riyals, about $11, to 35.2 riyals, hitting an upward limit set by the Riyadh exchange at which the company listed. (The Logic)

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Talking point: Aramco raised $33.7 billion, beating out Alibaba’s 2014 $32.9-billion listing to claim the title of world’s largest IPO. Today’s raise falls far short of Saudi Arabia’s initial ambitions of raising $131.7 billion by going public. Much of what was raised today comes from Saudi investors, some of whom the government encouraged to invest out of national duty. Twenty-three per cent of the investment did come from foreign sources, but a majority of that is from Kuwait and Abu Dhabi, close allies of Saudi Arabia. The country is planning on using the capital to diversify its oil-focused economy.