Oil & Gas
Saudi Stocks Rise as Aramco Seeks $1.7 Trillion Valuation in IPO
(Bloomberg) –Saudi stocks opened higher as investors digested the kingdom’s plan to sell a 1.5% stake in the state-owned oil producer.
Al Rajhi Bank and National Commercial Bank led the gains, rising 0.7% and 1%, respectively, as the Tadawul All Share Index advanced as much as 0.4%. It was up 0.2% as of 10:06 a.m. in Riyadh.
In an updated prospectus published on Sunday, Saudi Aramco, the world’s most profitable company, said it will offer shares in a range of 30 to 32 Saudi riyals, for a valuation of as much as $1.71 trillion. While that may raise as much as $25.6 billion in what would be the world’s biggest initial public offering, the final size of the stake is below some analysts’ forecasts, providing a relief for investors concerned the sale would drain funds from other securities.
Read: Aramco’s IPO could entice Saudi individuals back to local bourse
Though some analysts were expecting a bigger deal and a lower valuation, there’s “some excitement” as Aramco is a meaningful company for almost all Saudi investors, said Joice Mathew, head of equity research at United Securities in Muscat, Oman.
Elsewhere in the region, equity indexes were mixed, with those in Dubai, Bahrain and Oman rising as much as 0.5% while gauges in Abu Dhabi, Kuwait and Qatar declined as much as 0.8%.
-
News2 months agoINVESTIGATION: Why Nokia Could Matter More in the Quantum Age Than It Ever Did in Mobile
-
News2 months agoINVESTIGATION: Is AI in a Bubble? Inside the Trillion-Dollar Question Reshaping Global Markets
-
News2 months agoThales & Ankaa to Deliver Multi-Mission Air Traffic Surveillance Radars for Oman, Capable of Supporting Civil & Military Operations
-
Economy2 months agoWhat Higher Oil Prices Mean for Oman’s Economy in 2026
-
Economy2 months agoOMIFCO Successfully Completes Bookbuilding & Sets Final IPO Offer Price
-
Business2 months agoOman India Fertiliser Company Lists on Muscat Stock Exchange
-
Banking & Finance1 month agoBank Muscat posts net profit of RO137.49 million in H1 2026
-
Insurance2 months agoLEADERSPEAK: Dhofar Insurance CEO Sunil Kohli on Oman’s Insurance Sector, Reinsurance & Market Outlook
