2019-12-11 09:55:00
ARAMCO'S IPO $25.6 BLN
MEOG - Saudi Aramco announced that in its initial public offering (IPO) on the Saudi exchange (Tadawul), it would price its shares at $8.53 (SAR 32) per share, with 3bn shares to be listed, comprising 1.5% of the company's share capital.
This would make Aramco's listing the world's largest, beating Alibaba's $25bn IPO at $25.6bn. The company initially said it would price shares between $8 (SAR 30) and $8.53 (SAR 32), eventually settling on the higher end of the range.
This means the company is valued at $1.7trn, shy of Crown Prince Mohammed bin Salman's $2trn valuation. Still, it will be the world's most valuable publicly traded company once official listed.
Goldman Sachs Group is the share stabilising manager, and can therefore put in action a greenshoe option of 450mn shares up to 30 days after trading begins. That means the IPO could net up to $29.4bn.
Proceeds will go to the Public Investment Fund, the crown prince's primary investment vehicle and driver of economic diversification.
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Earlier:
2019, December, 4, 11:50:00
SAUDI ARAMCO IPO $44.3 BLN
In total, the Saudi government plans to sell 0.5% of Aramco to individual investors and the remainder to domestic institutions and international firms registered in the kingdom, known as qualified foreign investors.
2019, November, 18, 13:15:00
SAUDI ARAMCO VALUATION $1.7 TLN
Crown Prince Mohammed bin Salman had been seeking a valuation for the world's biggest oil and gas company of $2 trillion. Saudi Arabia's government currently owns all of Saudi Aramco's 200 billion shares outstanding.
