Riyadh - Mubasher: The shares of the Saudi Arabian Oil Co (Aramco)soared 10% early Wednesday in initial trading, as the stock's price rose to SAR 35.2 from SAR 32 at the Saudi Stock Exchange (Tadawul); accordingly, Aramco's shares hit the daily price limit, and won’t rise more.

Tadawul held an opening auction for the shares between 9:30 am and 10:30 am Saudi local time, then normal trading will kick in after that, and price movements will be limited to 10% up or down.

The world’s most profitable company succeeded in raising $25.6 billion in the biggest-ever IPO, selling each share at SAR 32 and valuing the company at $1.7 trillion, beating Microsoft and Apple as the most valuable listed company.

Saudi Arabia began trading the world's largest initial public offering, capping a four-year effort by Crown Prince Mohammed bin Salman to list the state-owned oil company. 

This comes as the kingdom tries to overhaul its economy to invest in non-oil industries and create jobs for young Saudis.

(Contributed by: AbdelRahman Mamdouh)