Tech giant Apple has been toppled as the world’s most valuable public company after oil company Saudi Aramco made its debut on the Saudi stock exchange.
The company made its debut on the Saudo stock exchange - the Tadawul - on Wednesday, with just 1.5 per cent of the company listed raising US$25.6 billion - a record amount for an initial public offering (IPO).
It’s a sum that brought the state-owned Saudi Aramco’s value to US$1.88 trillion on Tuesday, its first day of trade - toppling Apple’s value of US$1.19 trillion.
It’s also larger than the US$25 billion Alibaba raised when it went public in September 2014.
The decision to take the company public was part of Saudi Crown Prince Mohammed bin Salman’s push to diversify the country’s economy, and reduce a reliance on oil.
Saudi Aramco first announced its decision to hold an initial public offering in November this year, offering investors the chance to own part of the world’s most profitable company.
“(The IPO) will increase our international visibility as the leading company in the world," CEO Amin Nasser said at a press conference at the time.
Saudi Aramco holds an oil monopoly in Saudi Arabia, which is also the world’s largest crude oil exporter.
However, it became clear in December that the prince’s hopes of a US$2 trillion would not eventuate, after Aramco prices its IPO at 32 riyals ($US8.53) per share, pointing to a US$25.6 billion.
That pricing also came after climate change and poor corporate transparency dissuaded foreign investors from taking part in the offering.
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