“$2-trillion valuation is justified due to secured dividend streams.”
This picture taken on December 12 shows the exchange board at the Stock Exchange Market bourse in Riyadh, Saudi Arabia. Picture: AFP/FAYEZ NURELDINE.
The stock climbed by the daily 10% limit to 38.7 riyals at the open in Riyadh before trimming gains. It was up 5.8% at 37.20 riyals at 1.54pm local time in trading of 381-million shares, compared with 31.6-million for all of Wednesday. Analysts at Sanford C Bernstein said after the first trading day it’s already time to cash out. In a Bloomberg survey last month, global money managers put Aramco’s fair value at between $1.2-trillion and $1.5-trillion.
Still, the IPO, touted as part of a blueprint for life after oil for the kingdom is a watershed moment for a business that’s bankrolled Saudi Arabia and its rulers for decades.
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