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Saudi Arabia

Saudi Aramco sets IPO share price at around $8.00

cde.news desk · 1 min read
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epa07989048 Visitors gather at Saudi's Aramco section during Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, 11 November 2019. ADIPEC, a meeting place of the international oil and gas community, runs between 11 and 15 November 2019. EPA-EFE/ALI HAIDER

Saudi Aramco’s multibillion-dollar initial public offering (IPO), probably the biggest in history, shifted to full gear as its share price was announced and subscription to the world’s biggest oil company commenced on Sunday.

Saudi Aramco set an indicative share price between 30 ($8.00) and 32 riyals for the 1.5 percent of its shares that it would offer for  the domestic part of its public offering. The blockbuster IPO could be worth least $24 billion, and values the state-owned oil giant at up to $1.71 trillion.

The offering – or book-building – period for institutional subscribers, which started today, closes on December 4 while the retail offering for individual investors will begin on November 21 and will end on November 28.

The final pricing for the Aramco shares would be announced on December 5.

 

Via Arab News

Filed under BusinessFinancial NewsSaudi Arabia
Topics AramcoSaudi Arabia

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