The Initial Public Offering of the Saudi Arabian Oil Company expectedly became the largest listing of a public company on record.
The end of the second day of trading after Saudi Aramco's official listing as a public company delivered new reasons for optimism amongst Saudi Arabian investors despite the marginal correction in the price.
The Kingdom's Crown Prince Mohammad bin Salman spearheaded the process of the company's listing from the very start in a bid to reshape Saudi Arabia's economy and make it more versatile.
Part of that vision is the Crown Prince’s desire to encourage local investors to partake ownership of the company stock, in an effort to secure a solid ground for Aramco’s future development.
That solid ground is vastly dependent on the reliability of local capital as opposed to the somewhat more uncertain international investors’ interest.
On Wednesday Saudi Aramco’s listing achieved his desired initial valuation of $2 trillion, as the share price momentarily surpassed the threshold at 37.50 SAR.
The Saudi Arabian Oil Company, however, finished its second trading day at 36.80 SAR (9.82 USD).
Even though this is below the mean price level at 37.63 SAR, the Crown Mohammad bin Salman achieved his principal goal.
The price is expected to pick up once again over the next several trading days.
Saudi Aramco 1min Price Chart. Image source: Trendsharks ©, created with TradingView.com
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