DUBAI: Saudi Aramco jumped 10%, the daily limit, in its trading debut in Riyadh after completing a world-beating initial public offering.

The shares advanced to 35.2 riyals, giving it a market value of $1.88 trillion. The world’s most profitable company sold the shares at 32 riyals, the top-end of the offering range.

The listing is a watershed moment for a business that’s bankrolled Saudi Arabia and its rulers for decades. First floated by Crown Prince Mohammed bin Salman in 2016 with an ambition to raise as much as $100 billion, the share sale was touted as part of a blueprint for life after oil.

Goldman Sachs Group Inc., acting as share stabilizing manager, has the right to exercise a so-called greenshoe option of 450 million shares. It could be executed in whole or in part at any time on or before 30 calendar days after the trading debut.

 - Bloomberg