Here's why Saudi Aramco's stock is unlikely to plunge on its debut

From bonus shares to a fat dividend, there's a lot to underpin the price, at least initially

When shares of Saudi Arabia’s national oil company begin trading Wednesday after the world’s largest initial public offering, the stars will be aligned to ensure that the stock price holds up.

Aramco sold $25.6 billion of shares at 32 riyals each, the top of the range at which they were marketed, and the company had orders for $119 billion of stock. About 4.9 million individual investors, almost 15% of the kingdom’s population, applied for the shares. Saudi Arabia sold only 1.5% of the company’s capital in the IPO.

That unsatisfied demand alone should ensure a strong first day of trading. But Saudi