Saudi Aramco shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut on Wednesday, closing in on a $2 trillion valuation that would make it the world's most valuable listed company.
(SOUNDBITE) (English) ARAMCO'S CHIEF EXECUTIVE (CEO) AMIN NASSER, SAYING: "Aramco is the biggest listing in the history ... If you talk about reliability, if you talk about financially, financial performance, if you talk about the technology, the carbon intensity, the company - and of course safety - the company is a global leader in all of these sectors." Some had wondered whether this day would ever come... After a series of drone strikes hit Aramco facilities in September.
Production was soon restored, and an OPEC output cut last week has given the market some confidence over the outlook for crude prices.
But despite a huge promotional campaign foreign investor confidence in Aramco still appears weak.
Some fund managers have cited concerns over governance, environmental issues and regional politics.
Plans for IPO roadshows in New York and London were cancelled due to muted interest.
Analysts say demand may rise when Aramco joins MSCI and FTSE global benchmarks later this month.
The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come. But as Francis Maguire reports Saudi Aramco sees things differently.
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Credit: HT Digital Content Duration: 03:19Published