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Aramco's IPO has lessons for Asia's state-owned oil companies

Stock listings offer cash and professionalism, but the politics are tricky

Aramco's initial public offering on the Saudi Stock Exchange in Riyadh on Dec. 11 set a new record for money raised, at $25.6 billion. It is the most valuable company in the world.   © Reuters

BANGKOK -- Saudi Aramco, Saudi Arabia's state-controlled oil company, held a record-breaking initial public offering earlier in December, becoming the world's most valuable listed company, ahead of Apple of the U.S.

The listing on the Riyadh stock market on Dec. 11 gave Aramco a market value of $1.877 trillion. The $25.6 billion raised was also a record, breaking the previous mark set in 2014 by China's e-commerce leader, Alibaba Group Holding.

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