Saudi Aramco shares open 10% above IPO price, garners $1.88 trln valuation

Saudi Aramco shares opened at 35.2 riyal ($9.39) on Wednesday, 10% above their IPO price of 32 riyals, in their first day of trading following a record initial public offering. That gives the state-controlled oil giant a market value of about $1.88 trillion, comfortably making it the world's most valuable listed company, but well below the $2 trillion price-tag long sought by Saudi Crown Prince Mohammed bin Salman.

Saudi Arabian Oil Co (Aramco) priced its IPO last week, raising $25.6 billion and beating Chinese tech firm Alibaba's $25 billion listing in 2014. Saudi Arabia relied on mainly domestic and regional investors to buy a 1.5% stake in Aramco after lukewarm interest from abroad. ($1 = 3.7500 riyals)