Oil & Gas
World’s Biggest IPO Got Bigger: Aramco IPO at $29.4 Billion
(Bloomberg) –The world’s biggest initial public offering turned out even bigger than initially thought.
The final amount raised by Saudi Aramco’s sale totaled $29.4 billion as Goldman Sachs Group Inc., one of the underwriters of the world’s biggest IPO, exercised the option to place some shares that were initially separated to avoid price swings, according to a statement. It said 450 million additional shares were placed at 32 riyals ($8.53) with investors during the book-building process.
According to the terms of the offering, the bank could buy the additional shares during the stabilization period that ended Jan. 9 and give support to the stock, but no such transactions were undertaken during that interval. The IPO relied heavily on individuals and high-net worth investors and funds from the Gulf, with the Saudi government institutions investing almost $2.3 billion into the offering.
Aramco retreated 0.6% to 34.80 riyals in Riyadh on Sunday, extending drop of 0.4% for the week ended Jan. 9. Still, the stock is trading 8.8% higher than the IPO price.
–With assistance from Matthew Martin and Paul Wallace.
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, November 24
-
Energy1 month ago
Oman and Belgium Strengthen Green Hydrogen Partnership with New Landmark Agreement
-
Energy1 month ago
OUTLOOK: Emerging Markets and Renewables – The Twin Engines of Energy Growth for 2025
-
OER Magazines1 month ago
OER Magazine: December 2024 Edition – The Most Trusted Brands in Oman
-
Technology1 month ago
EXCLUSIVE: Technological Singularity – Will It Become Humanity’s Greatest Leap or Its Most Perilous Step?
-
Oman2 months ago
Oman Braces for Launch of First Experimental Rocket Duqm-1 on 4 December 2024
-
Oman2 months ago
Transport Ministry Issues New Regulation for Security of Ships, Ports
-
Magazines2 months ago
OER Magazine: November 2024 Edition