Saudi Aramco will raise $25.6 billion in world’s biggest I.P.O. This will be a bit bigger than the 2014 IPO of Alibaba.
Aramco made a net profit of $68 billion for the first nine months of the year. This is a $90 billion annual run rate. They are pricing a PE ratio of 19 for the $1.7 trillion valuation.
The shares will start trading on Wednesday. Once they are trading and assuming the price did not have a huge drop then Saudi Aramco will become the most valuable publicly-traded company in the world.
Saudi Arabia repaired its droned damaged refineries by October 14, 2019. They restored full production at 9.9 million barrels per day. The damage took about one month to repair.
Apple is currently the most valuable at $1.20 trillion. Microsoft ($1.15 trillion), and Google ($925 billion) have all traded around the $1 trillion level at various points over the last two years.
Apple surged 1.5% on the news that it might release a new budget iPhone ($400 iPhone SE) in the first half of 2020 and a higher-tier, “completely wireless” phone in 2021. The completely wireless phone would have no charging port.