Saudi Aramco shares are spiking after hitting the market in the world's biggest-ever IPO

Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the world's biggest-ever IPO. Due to regulations on the Tadawul, a 10% spike was the maximum possible for the debut. The offering raised $25.6 billion, according to the Financial Times, putting it just ahead of the previous record IPO, which was the $25 billion amassed by Alibaba in 2014 in the New York Stock Exchange. This is a developing story, more to follow.

Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the world's biggest-ever IPO. Due to regulations on the Tadawul, a 10% spike was the maximum possible for the debut. The offering raised $25.6 billion, according to the Financial Times, putting it just ahead of the previous record IPO, which was the $25 billion amassed by Alibaba in 2014 in the New York Stock Exchange. This is a developing story, more to follow.

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Saudi Aramco IPO: Only 1.5% of shares tradable, among lowest in world - Business InsiderMost large-cap companies offer far more of their stock in IPOs. Apple, Amazon, and Alphabet all have more than 84% of their shares listed publicly.
Source: BusinessInsider - 🏆 729. / 51 Read more »