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Saudi Aramco hits under $2 trillion valuation at end of second trading day

Saudi Aramco closed its second day of trading valued at just under $2 trillion Thursday, continuing a blockbuster market debut for Saudi Arabia’s oil behemoth.

Aramco crossed the $2 trillion threshold Thursday before shares closed at 36.8 Saudi riyals, or $9.81. That price gave the state-owned company a market cap of $1.96 trillion, up from a $1.88 trillion valuation on Wednesday.

Aramco shares rose 4.5 percent earlier in the day to 38.6 riyals, giving the company the $2 trillion valuation that Crown Prince Mohammed Bin Salman sought before the company’s $25.6 billion initial public offering, which was the biggest in history.

Aramco’s valuation easily makes it the most valuable listed company in the world. Apple currently sits at No. 2 at $1.19 trillion.

Bin Salman initially pushed for a $2 trillion valuation despite concerns about climate change and low oil prices. The company is listed on Saudi Arabia’s Tadawul stock exchange.

Aramco has sold a 1.5 percent slice of the company to largely Saudi investors, as well as Saudi and Gulf-based funds. Twenty companies, including Goldman Sachs, JPMorgan Chase and Morgan Stanley, consulted on the massive listing.

With Post wires

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