Saudi Aramco achieved the $2 trillion valuation sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as the newly-listed state-owned oil company's shares rose sharply on their second day of trading.
Shares jumped in trading to reach up to 38.60 Saudi riyals, or $10.29 before noon, three hours before trading closes.
Aramco has sold a 1.5% share to mostly Saudi investors and local Saudi and Gulf-based funds.
With gains made from just two days of trading, Aramco sits comfortably ahead of the world's largest companies, including Apple, the second-largest company in the world valued at $1.19 trillion.
Crown Prince Mohammed bin Salman is the architect of the effort to list Aramco, touting it as a way to raise capital for the kingdom´s sovereign wealth fund, which would then develop new cities and lucrative projects across the country that create jobs for young Saudis.
He had sought a $2 trillion valuation for Aramco when he first announced in 2015 plans to sell a sliver of the state-owned company.
At a ceremony Wednesday for the start of trading, Aramco Chairman Yasir Al-Rumayyan, described the sale as "a proud and historic moment for Saudi Aramco and our majority shareholder, the kingdom."
