Local retail selling to local funds pushes illiquid Aramco up 10%

Aramco_PA_230x150_saudi_Dec11
By Sam Kerr
11 Dec 2019

Saudi Aramco stock rose 10% on its first day of trading on the Saudi stock exchange on Wednesday, after its historic $25.6bn IPO last week. Aramco hit its daily limit for share price movement of 10% in its first trading hours, as a combination of local demand and scarce sellers drove the price higher.

Bank of AmericaCitiCredit SuisseGoldman Sachs, HSBC, JP MorganMorgan Stanley, NBC Capital and Samba Capital were global co-ordinators on the record-breaking listing.

Al Rajhi Capital, BNP Paribas, BOC International, Crédit AgricoleDeutsche Bank, EFG Hermes, First Abu Dhabi Bank, GIB Capital, Mizuho Securities, RBC Capital Markets, Riyad ...

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