G20 Argentina via AP
Saudi Aramco stock surged on the second day of trading after its record IPO. The company’s market cap hit the $2 trillion mark.
At 12:00 p.m. in Riyadh (4:00 a.m. ET), Aramco’s stock rose 8.2%, after pushing up 10% on its first day of trading on Wednesday.
Crown Prince Mohammad bin Salman had been seeking a valuation of $2 trillion prior to the state-owned company’s IPO in order to fuel his Vision 2030 plans to try and diversify the Saudi economy away from oil.
If Aramco were a country its GDP would be the eighth largest in the world and is worth more than Berkshire Hathaway, Facebook, and Amazon combined.
Nearly four years in the making, the shares listed this week after Saudi officials pushed the country’s wealthiest to buy Aramco stock. The fund finally raised $25.6 billion from investors. The country invested $2 billion to ensure that the IPO would be successful.
On Wednesday, Aramco dethroned Apple as the world’s largest traded company after its stock went public.
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