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Money Saudi Aramco plans $25.6B share sale in biggest ever IPO

23:26  05 december  2019
23:26  05 december  2019 Source:   msn.com

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Saudi Arabia's state-owned oil company Aramco on Thursday set a share price for its IPO — expected to be the biggest ever — that puts the That surpasses IPO record holder Alibaba Group Holding Ltd, the Chinese conglomerate and e-commerce company that raised about $ 25 billion in

Saudi Aramco 's share offering values it at .7 trillion, making it the biggest in the world AFP/File. Saudi Arabia's state oil company Aramco launched its initial stock offering on Thursday, pricing at the high end of the target range and raising $ 25 . 6 billion, two sources told AFP.

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DUBAI, United Arab Emirates — Saudi Arabia's state-owned oil company Aramco on Thursday set a share price for its IPO — expected to be the biggest ever — that puts the value of the company at $1.7 trillion, more than Apple or Microsoft.

The company said it will sell its shares at 32 riyals ($8.53) each, putting the overall value of the stake being sold at $25.6 billion. That surpasses IPO record holder Alibaba Group Holding Ltd, the Chinese conglomerate and e-commerce company that raised about $25 billion in 2014.

Aramco, which pumps and produces Saudi Arabia’s crude oil to the world, is floating a 1.5% stake in the company, or 3 billion shares. Trading is expected to happen on the Saudi Tadawul stock exchange by mid-December.

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(Bloomberg) -- Saudi Aramco raised $ 25 . 6 billion from the world’s biggest initial public offering , closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the oil -rich nation. The state-owned oil giant set the final price of its shares at 32 riyals

Saudi Arabia’s giant state-owned oil company , Saudi Aramco , on Thursday set the price of its initial public offering at a level that will raise $ 25 . 6 billion, a sum that is expected to make it the world’s biggest I.P.O., according to two people briefed on the pricing plan .

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The company is selling a 0.5% stake to individual investors, who are Saudi citizens and residents of Saudi Arabia, and 1% to institutional investors, which can be sovereign wealth funds, asset managers and government-run pension programs.

The IPO price is at the top of the range that Aramco had sought. It had been looking for between 30 to 32 riyals each, or $8 to $8.53 a share.

Aramco said Thursday the offering drew heavy demand.

Its financial advisers had said earlier that most orders were coming from Saudi funds or companies, with foreign investors— including from neighbouring Gulf Arab states— accounting for only 10.5% of the bids. It was not immediately known what the final breakdown was.

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Saudi Arabia's state oil company Aramco launched its initial stock offering on Thursday, pricing at the high end of the target range and raising $ 25 . 6 billion, two sources told Aramco 's market debut is intended to help diversify Saudi Arabia's economy away from its overwhelming reliance on petroleum.

(Bloomberg) -- Saudi Aramco raised $ 25 . 6 billion from the world’s biggest initial public offering , closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the oil -rich nation.The state-owned oil giant set the final price of its shares at 32 riyals.

The sale of a sliver of the oil behemoth generated global buzz since Crown Prince Mohammed bin Salman first announced plans for it more than two years ago.

The kingdom’s plan to sell part of the company is part of a wider economic overhaul aimed at raising new streams of revenue for the oil-dependent country. This as oil prices struggle to reach the $75 to $80 per barrel price range that analysts say is needed to balance Saudi Arabia’s budget. Brent crude is trading at just over $63 a barrel.

Prince Mohammed has said listing Aramco is one way for the kingdom to raise capital for the country’s sovereign wealth fund, which would then use that money to develop new cities and lucrative projects across Saudi Arabia.

Despite the mammoth figures involved in the IPO, they are not quite what the crown prince had envisioned based on his own remarks over the past two years. He’d previously talked about a valuation for Aramco of $2 trillion and a flotation of 5% of the company involving a listing on a foreign stock exchange. There are no immediate plans for an international listing.

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The result is likely to be the biggest initial public offering ( IPO ) in history. It will also prove to be a The reasons for listing Aramco have not changed. Saudi Arabia needs to move beyond oil Concerns about legal liabilities undermined plans for a listing in London, New York or on another global bourse.

Saudi Aramco raised $ 25 . 6 billion from the world’s biggest initial public offering , closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans Saudi Arabia had been pulling out all the stops to ensure the IPO is a success. It cut the tax rate for Aramco three times

Aramco said Thursday it would retain the option of an even bigger offering of a 3.45 billion share sale, representing $29.4 billion.

Despite Aramco’s profitability, the state’s control of the company carries a number of risks for investors. Two key Aramco processing sites were targeted by drones and missiles in September, an attack that was claimed by Iran-backed Houthi rebels in neighbouring Yemen but which the U.S. blamed on Iran. Iran denies the allegation.

The Saudi government also stipulates oil production levels, which directly impacts Aramco’s output.

On Thursday, the countries that make up the OPEC oil-producing cartel — led by heavyweight Saudi Arabia— were meeting in Vienna to decide whether to cut down on their production and push up prices of fuel and energy around the world.

Aya Batrawy, The Associated Press

Saudi Aramco starts trading, gaining 10% and reaching $1.8T .
RIYADH, Saudi Arabia — Saudi Arabia's oil company Aramco began trading for the first time on Wednesday, gaining 10% in its first moments on the market in a dramatic debut that pushed its value to $1.88 trillion, higher than any other listed company in the world. The state-owned oil giant started trading on the Saudi Tadawul stock exchange after a mammoth $25.6 billion initial public offering that set the record as the biggest ever in history. Trading for Aramco shares began at 10:30 a.m. in Riyadh. Aramco, owned by the state, has sold a 1.5% stake, pricing its shares before trading at 32 Saudi riyals, or what is $8.53.

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