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Saudi Aramco hits $2 trillion in valuation as shares surge another 10% at open

Saudi Arabian Oil Co.'s shares surged another 10% at the Dec. 12 open, briefly surpassing the $2 trillion valuation sought by Saudi Crown Prince Mohammed bin Salman.

The oil giant's share price soared the daily maximum of 10% for the second consecutive day to 38.7 riyals, before paring gains to trade at 37.50 riyals, up 6.5% on the prior close.

Shares in Aramco, which is worth the most among all listed companies, hit 35.20 riyals each on the Saudi Tadawul yesterday in its stock market debut, giving it a valuation of about $1.88 trillion.

Last week, the company raised $25.6 billion from the 1.5% offering of its share capital in the world's largest IPO.

As of Dec. 11, US$1 was equivalent to 3.75 Saudi riyals.