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Saudi Aramco shares are spiking after hitting the market in the world’s biggest-ever IPO

FILE - This Sept. 15, 2019 file photo, shows storage tanks at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia. Saudi Arabia's state-owned oil company Aramco on Thursday, Dec. 5, 2019, set a share price for its IPO — expected to be the biggest ever — that puts the value of the company at $1.7 trillion, more than Apple or Microsoft. (AP Photo/Amr Nabil, File)

Shares in Aramco, the Saudi-owned oil giant, spiked 10% Wednesday when they hit the market in the world’s biggest-ever IPO.

The spike came as shares began trading on Riyadh’s Tadawul stock exchange, after years of wrangling over where they would list.

Due to regulations on the Tadawul, a 10% spike was the maximum possible for the debut.

The offering raised $25.6 billion, according to the Financial Times, putting it just ahead of the previous record IPO, which was the $25 billion amassed by Alibaba in 2014 in the New York Stock Exchange.

This is a developing story, more to follow.

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Source:: BusinessInsider.Com