March 1, 2020 / 8:30 AM / a month ago

Saudi Aramco shares hit lowest since IPO, down over 2%

FILE PHOTO: The logo of Aramco is seen as security personnel stand before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed

DUBAI (Reuters) - Shares of Saudi Aramco 2222.SE hit 32.50 riyals ($8.66) in intraday trade on Sunday, the lowest since it began trading in December following a record initial public offering, as oil prices plunged amid worries about the global spread of the coronavirus.

Aramco shares broke past their previous low of 32.60 riyals, but were still above their IPO price of 32 riyals. At 32.50 riyals they were down 2.55% on the day.

The state-owned oil giant raised $29.4 billion (£22.93 billion) in the world’s biggest IPO, by selling 1.7% of the company.

Reporting by Saeed Azhar; Editing by Susan Fenton

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