|12 December, 2019

Saudi Aramco set to hit $2trln market value on Thursday

The state-owned oil giant's shares surged the maximum permitted 10% above their IPO price

Participants attend the official ceremony marking the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019.

Participants attend the official ceremony marking the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019.

REUTERS/Ahmed Yosri

DUBAI  - Saudi Aramco's  share price jumped 10% for the second consecutive day, hitting 38.7 riyals ($10.32) in a pre-market auction, Refinitiv data showed, suggesting the company will hit a $2 trillion market value when it starts trading on Thursday.

The state-owned oil giant's shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut on Wednesday, closing at 35.2 riyals and giving the company a market value of about $1.88 trillion riyals, closing in on the $2 trillion price tag long sought by Saudi Crown Prince Mohammed bin Salman. ($1 = 3.7500 riyals)

(Reporting by Davide Barbuscia; Editing by Muralikumar Anantharaman) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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