Goldman may stabilize Saudi Aramco shares following IPO

A Saudi stock market official monitors the stock market screen displaying Saudi Arabia's state-owned oil company Aramco after the debut of Aramco's initial public offering (IPO) in Riyadh, Saudi Arabia. (File photo: AP)

Saudi Aramco said that Goldman Sachs may stabilize its shares after a record initial public offering earlier this month.

Stabilization agents support the share price by purchasing additional shares on the market.

The stabilization period will end on January 9, but so far no transactions have been executed, it said in a statement.

Aramco shares ended nearly 0.6 percent lower at 35.40 riyals ($9.44), above its IPO price of 32 riyals per share, valuing the oil giant at about $1.9 trillion.

The shares have eased after hitting an intraday high of 38.7 riyals on December12.

Last Update: Wednesday, 20 May 2020 KSA 09:57 - GMT 06:57