Aramco begin trading on the Saudi Stock Exchange Wednesday

11 Dec 2019 12:23 PM


Begins Wednesday, listing and starting trading of the shares of “Saudi Aramco”, the largest oil company in the world, provided that the daily fluctuation of the share price is “± 10%” of the subscription price of 32 riyals (8.5 dollars).

Tadawul, which operates the local stock exchange, said in a previous statement that only the first auction session for Saudi Aramco will be extended for an additional 30 minutes.

Consequently, the opening auction session period begins Wednesday, at 9:30 am and ends at 10:30 am local time.

On Friday, Samba Capital announced coverage of Aramco's subscription by 465 percent, by raising 446 billion riyals ($ 119 billion).

The company managing the IPO said it had set the final price for the offering at 32 riyals ($ 8.5), after the price range was between 30 and 32 riyals at the start of the enterprise order build process.

The proceeds of the subscription amounted to 96 billion riyals ($ 25.6 billion), as a result of offering 1.5% of the company’s shares, equivalent to 3 billion shares.

Aramco's subscription goes beyond the initial offering of the Chinese company, "Alibaba", and becomes the largest IPO in the world.

Aramco, the largest oil company in the world, offered 1.5% of its shares in the local stock market, i.e. 3 billion shares, of which 0.5% is for individuals (one billion shares) and 1% for institutions.

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