Aramco Exceeds 2 Billion Dollars On Its Second Day In The Stock Market

Riyadh, Dec 12 (EFE) .- Saudi oil company Aramco, the largest in the world, today exceeded the value of 2 billion dollars at the opening of its second day at the Riyadh Stock Exchange (Tadawul), with a starting price of 38.7 rials ($ 10.32), which was another 10% appreciation compared to the previous day ($ 9.39).

The rise of the action to $ 10.32 brought the company's value above $ 2 trillion, a figure that Saudi authorities have tried to achieve insistently.

The company then experienced a slight fall and continues to rise in the first minutes of the day.

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Today's starting price was determined during the usual pre-market process that took place a few minutes before the start of the session, in which Aramco is represented with the symbol 2222.

Aramco has offered around 1.5% of its securities in recent weeks as part of a subscription process for its public sale of shares (OPV) operation, which came out at $ 25.6 billion and worth 1.7 billion dollars. dollars before the debut of the oil company yesterday in Tadawul.

The institutional section received institutional subscriptions 6 times higher than expected, but the response has been mainly local.

The OPV has obtained money mainly from Saudi investors and the Gulf area. Non-Saudi institutional investors represent 23%, according to Samba Capital, which has managed the IPO, although it has not specified investor nationalities.

It is hoped that the company can get more funds through various formulas and is looking for ways to involve more international institutional investors.

At the moment, the 3,000 million shares or 1.5% of the oil company's interests are already part of the Saudi stock market, which has even had to modify its internal methodology to prevent any company from representing more than 15% of its indices and alter the market. EFE

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