RIYADH, (Pakistan Point News - 11th Dec, 2019) The Saudi Arabian Oil Company, Saudi Aramco, was officially listed on the Saudi Stock Exchange, Tadawul, on Wednsday, marking the successful Initial Public Offering, IPO, of the company. Saudi Aramco’s stock symbol ticker is, TADAWUL: ARAMCO, and its shares began trading at SAR32.
The offering process, which concluded on 4th December, generated subscriptions by institutional and individual subscribers of SAR446billion (US$119 billion), or 4.65 times the total offer shares. The offering attracted more than five million subscribers.
The Kingdom sold three billion shares, excluding any exercise of the purchase option, equivalent to 1.5 percent of Aramco's share capital. Priced at the top of the indicated range, the offering generated proceeds of SAR96.0 billion (US$25.6 billion), making it the world’s largest IPO.
Saudi Aramco’s listing and share trading debut was marked by a symbolic ringing of the Tadawul bell by Yasir Othman Al-Rumayyan, Chairman of the board of Directors, and Amin H. Nasser, President and Chief Executive Officer.
