Riyadh: Saudi Aramco shares surged 10 per cent above their initial public offering (IPO) price on their Riyadh stock market debut on Wednesday.

Here are key events in the Saudi state oil giant’s stock market debut.

December 5, 2019 — Aramco prices its IPO at 32 riyals ($8.53) per share, the top of its indicative range, raising $25.6 billion in the world’s biggest IPO. Aramco says offering a 1.5 per cent stake attracted orders worth $119 billion.

December 5, 2019 — Oil producers led by Saudi Arabia and Russia cuts output by an extra 500,000 barrels a day in the first quarter of 2020, a move that would bolster crude prices before the Aramco listing.

November 10, 2019 — Aramco unveils the prospectus for its IPO.

November 3, 2019 — Aramco announces its intention to float after Saudi Arabia’s Capital Market Authority said its board had approved the company’s application for offering of a proportion of its shares.

September 25, 2019 — Oil production capacity was restored, a faster than expected recovery after the attacks.

September 14, 2019 — Two Aramco plants attacked in a drone strike, forcing it to shut down more than half of its crude output, which threatened timing and valuation of its IPO.

September 2, 2019 — Head of the country’s sovereign wealth fund, Yasir al-Rumayyan, was named as Aramco chairman, replacing Energy Minister Khalid Al-Falih.

August 30, 2019 — Aramco board sees too many risks for a New York IPO.

April 9, 2019 — Aramco sells $12 billion bonds out of record $100 billion demand.

April 1, 2019 — Aramco reveal 2018 earnings of $224 billion in order to start issuing international bonds.

March 27, 2019 — Aramco buys SABIC in $69 billion chemicals mega deal.

March 7, 2019 — Saudi Energy Minister says Aramco IPO to happen within two years.

August 22, 2018 — Saudi Arabia scraps listing plans for Aramco as the kingdom shifts its attention to buying a stake in SABIC.

July 20, 2018 — Aramco’s plans to buy a stake in petrochemicals maker Saudi Basic Industries Corp (SABIC) would affect IPO timing: CEO.

January 11, 2018 — Hong Kong, London, New York shortlisted for Aramco IPO.

January 10, 2018 — Aramco is working to raise cheap loans from banks ahead of its IPO.

April 19, 2017 — China gathers state-led consortium that will act as a cornerstone investor in the Aramco IPO.

March 30, 2017 — Aramco formally appointed JPM, Morgan Stanley and HSBC as international financial advisers for its IPO.

March 23, 2017 — Aramco picks Samba Capital as local IPO adviser.

March 6, 2017 — Aramco will list locally and abroad in second half of 2018: CEO Amin Nasser.

April 25, 2016 — Saudi Arabia expects Aramco to be valued at over $2 trillion and plans to sell less than 5 per cent of it through an IPO: Deputy Crown Prince Mohammad bin Salman.

January 24, 2016 — Aramco chairman says IPO could be open to international markets, in an interview to Arabiya TV.

January 8, 2016 — Aramco confirmed it was considering options including the stock market listing “of an appropriate percentage of the company’s shares and/or the listing of a bundle of its downstream subsidiaries”.

January 6, 2016 — Saudi Arabia’s Deputy Crown Prince Mohammad bin Salman mentioned his interest in selling off parts of Aramco to private investors in an interview with The Economist magazine.