Webinar :Register now for Commodity Ki Paathshala webinar on ‘FPOs & Agriculture Marketing-The Beginning of a New Era’ on January 22, 4pm
you are here: HomeNewsWorld

Saudi Aramco IPO's retail offer fully covered with $8.7 billion in orders: Report

The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a market value of between $1.6 trillion and $1.7 trillion.

November 28, 2019 / 08:55 AM IST

The retail portion of Saudi Aramco's initial public offering (IPO) has been fully covered, with orders reaching 32.57 billion Saudi riyals (£6.77 billion), lead manager Samba Capital said on Wednesday.

The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a market value of between $1.6 trillion and $1.7 trillion.

Aramco has said at least one-third of the sale is expected to be covered by retail investors, who have until Nov. 28 to sign up.

Around 3.72 million retail investors had subscribed to 1.017 billion shares by 20:00 (1700 GMT) on Nov. 27, the statement said.

The IPO is the centrepiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from its reliance on oil.
Reuters
first published: Nov 28, 2019 08:50 am

stay updated

Get Daily News on your Browser
Sections