Skip to main content

Aramco IPO’s retail tranche oversubscribed

RIYADH: The retail portion of Saudi Aramco’s initial public offering (IPO) has been oversubscribed, with orders reaching 38.1 billion Saudi riyals ($10.2bn), lead manager Samba Capital said on Thursday.

The state oil giant plans to sell a 1.5 per cent stake, or about 3bn shares, and has said at least one-third of the sale is expected to be covered by retail investors, who have until Thursday to sign up.

With an indicative price of 30-32 riyals, the IPO is valued at as much as 96bn riyals ($25.6bn) and gives the firm a market value of $1.6-1.7 trillion.

It will be the world’s biggest IPO if it tops the $25bn set by China’s Alibaba in 2014.

Around 4.17m retail investors had subscribed to 1.19bn shares by Thursday, injecting 6.13bn riyals above the amount needed for full coverage, Samba said.

Subscription will continue until midnight on Thursday and final results will be announced on Friday, it said in a statement.

The IPO is the centrepiece of Crown Prince Mohammed bin Salman’s plans to diversify the Saudi economy away from its reliance on oil.

Aramco is the crown jewel of the economy and the world’s most profitable company.

It is relying on local and regional demand to pull off the deal, after cancelling marketing roadshows outside the Gulf region due to a lack of interest from foreign institutional investors.

Published in Dawn, November 29th, 2019



from The Dawn News - Home https://ift.tt/37MK1O4
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

IT ministry forms panel to review social media rules

ISLAMABAD: While uproar against the new rules to regulate social media continues from various segments of society, including parliamentarians, the Pakistan Federal Union of Journalists (PFUJ) and civil society, the information technology ministry on Friday formed a committee to review the rules. The federal cabinet approved the rules on Feb 11, but later after opposition from various quarters, including companies that manage different social media platforms, the prime minister announced that a fresh consultation process would be launched over the Citizens Protection (Against Online Harm) Rules 2020. The committee formed by the IT ministry is headed by Pakistan Telecommunication Authority Chairman Amir Azeem Bajwa while its members are Eazaz Aslam Dar, additional secretary of IT; Tania Aidrus, member of the Strategic Reforms Imple­mentation Unit, Prime Minister Office; and Dr Arslan Khalid, focal person on digital media at the PM Office. Federal Minister for Human Rights Dr Shireen Ma
Post a Comment
Read more

Young girl’s tragic story makes her symbol of Yemen war

Buthaina Mansur al-Rimi’s life has changed drastically since last year — orphaned in Sanaa, the little girl controversially ended up in Saudi Arabia for medical care and has just returned to Yemen’s capital. Her entire immediate family was wiped out in an air strike by a Saudi-led coalition that backs Yemen’s government, using an explosive device Amnesty International says was made in the US. Images of Buthaina’s rescue and a picture of her swollen and bruised at a hospital trying to force open one of her eyes with her fingers were beamed worldwide. That international fame saw her become something of a propaganda pawn in the war between Yemen’s Iran-backed Huthi rebels and Saudi media. “I was in my mother’s room with my father, sisters, brother and uncle, the first missile hit, and my father went to get us sugar to get over the shock, but then the second missile hit, and then the third,” she says. “And then the house fell,” adds the little girl, who says she is eight. It was the
Post a Comment
Read more