Saudi Aramco raises $25.6bn to become world's largest IPO
Final offering price of $8.53 (SAR32) on 3bn shares increases the value of the state-owned giant to $1.7tn (SAR6.37tn)
The world’s largest oil producer Saudi Aramco has raised $25.6bn (SAR96bn) in the world’s largest IPO, with a final offering price of $8.53 (SAR32) on 3bn shares – or 1.5% of the firm’s share capital – which increases the value of the Saudi Arabia state-owned giant to $1.7tn (SAR6.37tn), the company announced in a statement.
The most profitable firm in the world announced the end of the IPO's book-building period on 5 December, confirming total bids of $119bn (AED446bn) – or 465% of the total offer shares.
According to the firm, the offer shares allocated to individual investors comprised 33.3% of the offer shares – equivalent to 0.5% of the company’s outstanding share capital – while the offer shares allocated to institutional subscribers comprised 66.7% of the offer shares – equivalent to 1% of the company’s outstanding share capital.
Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed.
An announcement of the commencement of trading of the shares will be made on the Tadawul website.