Saudi Aramco’s stock rose sharply as the world’s biggest share sale got underway in Riyadh, rising 10% above the initial public offering price.
Last week the oil giant, which produces more than a tenth of global crude supply, raised $25.6bn (£19.5bn).
Saudi Arabia’s royal family is privatising assets as part of a plan to move the kingdom away from its reliance on oil.
The money raised from the sales will be used for non-energy investments.
Today’s 10% rise, which is the Riyadh Stock Exchange’s daily limit, gives Aramco a market valuation of around $1.88tn.
That easily makes it the world’s most valuable listed company but still less than the $2tn targeted by Crown Prince Mohammed bin Salman.
However it is still the biggest share sale to date, surpassing that of China’s Alibaba which raised $25bn in 2014 in New York.
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