Initial public offering (IPO) of Saudi Arabia's Aramco snatched the biggest deal in history, raising $25.6 billion by selling shares in its state-owned oil giant, the company announced on Thursday, December 5th.
Saudi Aramco sold 3 billion shares at 32 riyals ($8.53) each in its IPO that means the deal raised more than China's Alibaba (BABA) in its 2014 public debut.
"Following the announcement by Saudi Arabian Oil Company (Saudi Aramco) (the "Company") on 17 November 2019 of the price range for the initial public offering of the Company (the "Offering"), the Company today announces the end of the Book-Building Period and the setting of the final offer price (the "Final Offer Price") for the Offering at SAR 32." The company said in a statement.
The Purchase Option will be exercisable in whole or in part upon noticeby the Stabilising Manager, at any time on or before 30 calendar days after thecommencement of trading of the shares on the Saudi Stock Exchange (Tadawul)(the "Stabilising Period").
Key Events | Date |
Deadline for payment of the subscription funds by Institutional Subscribers | 11/4/1441H (corresponding to 8 December 2019G) |
Refund of excess subscription monies (if any) to Individual Investors | 15/4/1441H (corresponding to 12 December 2019G) |
Expected trading commencement date for the Shares | Trading of the Shares is expected to commence after all relevant legal requirements and procedures have been completed. An announcement of the commencement of trading of the Shares will be made on Tadawul's website (www.tadawul.com.sa). |