BUSINESS Saudi oil giant Aramco announces world's largest IPO

BUSINESS

Saudi oil giant Aramco announces world's largest IPO

Xinhua

06:09, December 06, 2019

ipo.jpeg

In this Sept. 25, 1990 file photo, oil pipelines snake through the port area of the Aramco facility at Ras Tannura, Saudi Arabia. (Photo: AP)

RIYADH, Dec. 5 (Xinhua) -- Saudi Oil Company Aramco has priced its initial public offering at 8.53 US dollars per share, making it the largest IPO ever, Arab News reported on Thursday.

At that level, Aramco has a market valuation of 1.7 trillion US dollars, overtaking Apple as the world's most valuable listed firm.

The offering generated subscriptions of 106 billion US dollars by institutional investors and together with the total demand from individual investors, the order book hit 119 billion US dollars, the report highlighted.

The state-owned oil giant said it would retain the option of an even larger offering of a 3.45 billion share sale, worth 29.4 billion US dollars.


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue