The stock price for Saudi Aramco touched $2 trillion two days after its listing on the Saudi stock exchange, Tadawul. Some are arguing that Saudi investors were pressured and incentivized into participating.
Now, there is renewed talk of an upcoming listing of Aramco on an international exchange, perhaps in Japan or China. Unlike the Tadawul listing, this would require eager international investors. It seems reasonable that Aramco and the Saudi government would want to show a high Tadawul price for Aramco prior to an international listing, but this strategy won’t work now that international investors believe the Tadawul-listed price for Aramco is vastly inflated by government interference.