Investing.com - Saudi Aramco (SE:2222) shares rose for a second day, pushing the company’s valuation above $2 trillion.
The stock rose 4.6% on Thursday after surging as much as 10%, the daily limit, earlier in the day. It closed 10% higher on Wednesday.
A $2 trillion valuation for the company has long been sought by Saudi Arabia’s Crown Prince Mohammed bin Salman.
“We were expecting this IPO to be a blockbuster, and the performance in the past two days shows that was the case,” said Vijay Valecha, chief investment officer at Century Financial Consultancy LLC in Dubai, in a Bloomberg report.
“From the appetite we see for the stock, there is room for it to climb another 10% to 18% next week.”
Aramco (SE:2222) raised $25.6 billion in its IPO, which is the biggest offering in history, and overtook Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) as the most valuable listed company.