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Saudi Aramco IPO Oversubscribed

Gasoil News - Published on Mon, 02 Dec 2019

Image Source: Saudi Aramco IPO
Saudi Arabia’s oil giant Aramco has attracted total bids of USD 44.3 billion for its initial public offering, 1.7 times the target. IPO’s lead manager Samba Capital told Bloomberg that “IPO has attracted a total of 166 billion Saudi riyals as of Friday, after the subscription period for retail investors ended on Thursday, and less than a week before the end of the subscription period for institutional investors.”

Aramco has set an indicative price range of 30-32 Saudi riyals per share, which would give the company a total value of some USD 1.7 trillion. Saudi Arabia aims to raise more than USD 25 billion from selling 1.5 percent in its crown jewel. Saudi Arabia will be offering up to 0.5 percent in Aramco to retail investors, while in total the it plans to list 1.5 percent of the company on the Saudi stock exchange the Tadawul.

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Posted By : Yogender Pancholi on Mon, 02 Dec 2019
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