Aramco, Saudi Arabia’s oil and gas company has become the most valuable company in the world after its IPO which took place last week.
Aramco is the largest producer of oil and gas in the entire world and also a state-owned company in Saudi Arabia.
The share price of the company went up by 10% in value and it is now valued at $1.88 trillion, however, analysts claim it would not last so long.
On the first day of trading, the shares started trading at 32 riyals each and closed at 35.2 riyals.
According to the Crown Prince Mohammed bin Salman, the company is aiming for a valuation of $2 trillion which would make it the first company in history to reach that valuation.
Khalid Al-Falih, the Oil Minister for Saudi and also the former Chairman of Aramco was fired by the crown prince after he stated that the company would find it difficult to reach the $2 trillion valuations.
According to the Wall Street Journal, over 70% of the investments in the IPO came from its home country.