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

Rouhani calls Imran, discusses resumption of trade

ISLAMABAD: Pakistan and Iran on Wednesday discussed full resumption of bilateral trade, which was halted last month because of the Covid-19 pandemic. “The two sides stressed the need to reactivate borders and border markets and strengthen trade ties by following health guidelines,” a statement issued by the Iranian presidency on the telephonic conversation between Prime Minister Imran Khan and President Dr Hassan Rouhani said. President Rouhani had called the prime minister for Ramazan greetings. Border trade between the two countries was suspended after a meeting of the National Security Committee (NSC), held on March 13, decided to close all borders because of the pandemic. Islamabad partially relaxed the restrictions on April 21, allowing the import of certain food items and provision of petrol and diesel to the border areas. Cargo traffic from Iran was allowed for three days every week. Cargo movement between the two countries takes place through five border crossings — Taftan...
Post a Comment
Read more

Today’s outlook: Sindh CM discusses reopening markets with PM Khan

Here are some of the stories we are expecting to follow today (Thursday): Sindh Chief Minister Murad Ali Shah will take Prime Minister Imran Khan into confidence over reopening shops and markets across the province. The reopened markets will have to follow SOPs. Sindh Transport Minister Awais Qadir Shah will discuss SOPs with transporters for resuming public transport in the coming days. The meeting will be held at the Sindh Assembly building at 1:30pm. The Oil and Gas Regulatory Authority has proposed a price cut of Rs20.68 per litre for petrol in its summary. Imam-e-Kaaba Sheikh Abdul Rahman Al-Sudais has said Masjid Al Haram and Masjid Al Nabawi will be reopened for worshipers soon. He said the Kaaba is being sterilised using latest technologies. Punjab Chief Minister Usman Buzdar will head various meetings during his visit to Bahawalpur. As of Thursday, Pakistan has reported more than 15,500 confirmed coronavirus cases. ICYMI: An amendment to the National Accountability Or...
Post a Comment
Read more

Today’s outlook: Federal Cabinet discusses COVID-19, Islamabad eases lockdown

Here are some of the news stories we are expecting to follow today (Tuesday): Prime Minister Imran Khan will chair a meeting of the Federal Cabinet in Islamabad to discuss the current situation in the country because of the novel coronavirus. The Cabinet will approve decisions made in the last Economic Coordination Committee meeting along with a relief package for journalists. The Islamabad High Court will hear a case pertaining to giving relief to textile mills in paying their electricity bills. The court had asked the mill owners to ensure a guarantee that they’ll not lay off any daily wage worker. The Sindh government has resumed operations of 153 more factories. They have directed them to follow all SOPs. The Islamabad administration has eased the lockdown. Hiking trails and parks across the federal capital have been reopened for the public. Sindh Governor Imran Ismail has tested positive for the novel coronavirus. He is the second politician from Sindh, after Education Minis...
Post a Comment
Read more