Lola Evans
18 Nov 2019, 20:57 GMT+10
RIYADH, Saudi Arabia - What is being billed in the Saudi kingdom as the "Sale of the Century" - the initial public offering of shares in Saudi Aramco opened on Sunday.
The Kingdom is selling 3 billion new shares in Aramco, equating to 1.5% of the shares on issue, for between SR30 ($8) and SR32 per share, which will value the company at between $1.6 trillion and $1.7 trillion.
The number is slightly below the $2 trillion the Crown Prince Mohammad bin Salman had touted originally, but nonetheless will make Saudi Aramco the richest company on earth.
A prospectus for the IPO was issued on 9 November, while the offering period for Institutional Subscribers which began on Sunday will close on 4 December.
The offering period for Individual Subscribers which also began on Sunday will end on 28 November.
"My first impression is that the price is a sensible compromise and that it will sell the IPO," Tarek Fadhallah, CEO of Nomura Asset Management in the Middle East, told Arab News on Sunday.
The final price of the shares will be set at the end of the "bookbuild," which will assess the institutional and individual investors bids.
The IPO will raise between $24 billion and $25.6 billion.
Saudi Aramco will assist the bookbuilding process by committing to a purchase of $1 billion in shares, to be set aside for an incentivisation program for employees.
Get a daily dose of California Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to California Telegraph.
More InformationDELHI, India - Dozens of people have died in a fire in a large factory in Delhi.Fire engines streamed through ...
WASHINGTON, DC - The U.S. Department of Justice last week joined with the U.S. Department of State and the United ...
I have already written a short critique of the majority ruling, and here I wish to expand some of its ...
WASHINGTON, DC - U.S. investigators are trying to determine what caused a Saudi air force pilot in the United States ...
TEHRAN (Tasnim) - China Friday said it had taken 'reciprocal' measures against US diplomats in the country, who will have ...
HYDERABAD, India - Four men accused of the rape and murder of a 27-year old woman veterinarian in Hyderabad, India ...
TEHRAN (Tasnim) - China Friday said it had taken 'reciprocal' measures against US diplomats in the country, who will have ...
BEIJING, China - The Asian Development Bank (ADB) has approved a $300 million results-based lending program with private sector involvement ...
NEW YORK, New York - U.S. stock markets made minor gains on Thursday as speculation over the outcome of trade ...
Beijing [China], Dec 8 (Sputnik/ANI): The bilateral trade between China and the United States decreased by 15.2 per cent in ...
London [UK], Dec 8 (ANI): South Africa Test skipper Faf du Plessis has said that his focus is back on ...
Modern society has given significant attention to the promises of the digital economy over the past decade. But it has ...