Dec 11 (Lagos) - Saudi Arabia's stock exchange will become ninth largest in the world today after the country's state owned oil giant Saudi ARAMCO shares start trading.
The company raised $ 25.6 billion in the IPO. Its valuation may cross $ 2 trillion in secondary trading.
The IPO valued ARAMCO at $ 1.7 trillion which is larger than Microsoft and Apple, the largest companies of USA.
Only 1.5% of total shares will be held by public in free float. 98.5% will be held by insiders, institutions and previous owners.
Crude oil prices have risen over the past 1 month as OPEC has pledged to cut production. These moves are likely to support Aramco valuation. This is biggest company in the world for far.
Will Federal Government ever consider such a similar move and sell NNPC shares to investors in an IPO. Its time analysts start asking these questions. NNPC will easily become the biggest company in West Africa or even Africa if they can get it right.
reporting for easykobo.com on Wednesday, Dec 11 2019 from Lagos, Nigeria