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Saudi Aramco surges 10% on trading debut, hitting $1.9 trillion in valuation

Saudi Arabian Oil Co. hit the limit of price moves on its Dec. 11 stock market debut, giving the oil giant a valuation of about $1.88 trillion, below the $2 trillion valuation sought by Saudi Crown Prince Mohammed bin Salman.

Shares in Aramco, which is worth the most among all listed companies, jumped 10% to 35.20 riyals each on the Saudi Tadawul from the IPO price of 32 riyals.

Last week, the company raised $25.6 billion from the 1.5% offering of its share capital, beating Chinese e-commerce giant Alibaba Group Holding Ltd.'s $25 billion 2014 public listing.

As of Dec. 10, US$1 was equivalent to 3.75 Saudi riyals.