Saudi Aramco, the world’s largest initial public offering (IPO), surged past expectations as it debuted on the country’s stock exchange on Wednesday morning.

Shares of the state-owned oil company rose to 35.2 Saudi riyals ($9.38) from 32 riyals in early deals in Riyadh, up 10% and hitting their daily limit. The price gives it a valuation of $1.88 trillion and makes it the largest listed company in the world, comfortably ahead of Microsoft and Apple.

Aramco’s public debut, which listed 1.5% of its shares locally on the Saudi Tadawul, is the biggest on record — topping the $25 billion Alibaba raised when it went public in September 2014.

The oil giant has also surpassed its earlier valuation of $1.7 trillion, announced when share pricing was disclosed last week at the top of the market range. But the $1.88 trillion valuation remains below what the kingdom had initially targeted and relied heavily on local investors after the company canceled international roadshows due to lackluster foreign interest.