Saudi Aramco's has debuted the world’s largest initial public offering (IPO) on the Saudi Tadawul, today morning.

After a record IPO, Saudi Aramco shares opened at 35.2 riyal ($9.39), 10 percent above their IPO price of 32 riyals, according to Refinitiv data.

This gives Aramco a market value of about $1.88 trillion, making it the world's most valuable listed company.

The new valuation however is much below the $2 trillion valuation sought by Saudi Crown Prince Mohammed bin Salman.

Saudi Aramco Chairman said Aramco IPO will boost company's governance and transparency.

Aramco’s public debut, which listed 1.5 percent of its shares locally on the Saudi stock exchange is the largest on record — topping the $25 billion Alibaba raised when it went public in September 2014.

(Writing by Seban Scaria; editing by Mily Chakrabarty)

( seban.scaria@refinitiv.com)

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