MOSCOW (Pakistan Point News / Sputnik - 06th December, 2019) As part of the initial public offering (IPO), oil giant Saudi Aramco will place its shares at the top range of the previously announced limit of 32 Riyals ($8.53), selling a total of $25.6-29.4 billion, the company said in a statement on Thursday.
In November, Saudi Aramco announced that it planned to sell 1.5 percent of its company shares on the local Saudi stock exchange, the Tadawul, for the price of $8-$8.5 per share.
"The Company today announces the end of the Book-Building Period and the setting of the final offer price for the Offering at SAR 32. The offering size is 3,000,000,000 shares, comprising 1.5% of the Company's share capital. The offering amount is SAR96.0 billion / USD25.6 billion," the statement read.
The offer includes a purchase option of stabilizing stock quotes after an IPO, for this purpose, the stabilizing manager can redeem an additional 450 million shares at the final offer price.
"In the event that the Purchase Option is exercised in full, the total Offering size will be 3,450,000,000 shares, representing an Offer amount of SAR110.4 billion / USD29.4 billion" the statement added.
Based on the offer price, the entire Saudi Aramco is worth approximately $1.7 trillion, becoming the most valuable publicly traded company in the world. The US tech giant Apple, whose market capitalization is now about $1.2 trillion, comes second.
