Saudi Aramco smashes IPO records

Saudi Aramco has become the most valuable listed company in history after its initial listing on the the Riyadh stock exchange.

The oil giant produces more than a tenth of all the world’s crude oil. It raised $25.6bn, 10% above its initial asking price, giving the company an overall value of $1.88tn.

That is more than Apple and Facebook combined, twice the size of Alphabet, Google’s parent company, and bigger than the next five biggest listed oil companies put together.

The Crown Prince Mohammed bin Salman is raising the money to wean the Saudi economy off its dependence on oil by funding a series of megaprojects and developing new industries.