17.5 C
New York
Monday, October 14, 2024

Saudi Aramco’s $12 Billion Stock Sale Completes Within Hours

Saudi Aramco’s $12 billion stock sale was oversubscribed shortly after it opened on June 2nd, selling out within hours. The government received demand for all 1.545 billion shares on offer, representing a 0.64% stake in the company, across the price range of 26.70 to 29 riyals per share.

Despite the strong demand, Aramco’s shares fell as much as 2.9% to 28.30 riyals on Sunday, valuing the company at around $1.8 trillion. The stock has dropped about 14% since the start of 2024 when the government first announced plans for the share sale.

Key Points

  • The $12 billion offering sold out within hours of opening on June 2nd.
  • 1.545 billion shares (0.64% stake) were sold at 26.70 to 29 riyals per share.
  • Aramco’s shares fell 2.9% to 28.30 riyals on the first day, valuing it at $1.8 trillion.
  • The stock is down 14% year-to-date after the sale was first announced.
  • Proceeds will fund Saudi Arabia’s economic diversification plans like Vision 2030.
  • Foreign investor participation is unclear, as many balked at the 2019 IPO valuation.

The sale aims to raise funds for Saudi Arabia’s economic transformation initiatives and diversification away from oil under Vision 2030. However, foreign investors had largely avoided Aramco’s 2019 IPO due to valuation concerns, leaving the government reliant on local buyers. Details on international participation in this latest offering are still awaited

Hot this week

Tryst Agency: Elevate Your Brand with Expert Marketing Strategies

Tryst Agency stands out in the competitive marketing landscape....

Geekzilla Autos: Transform Your Ride with Cutting-Edge Tech

Welcome to Geekzilla Autos! This is your go-to place...

Parole Letter Examples: Crafting a Persuasive Appeal

Parole Letter Examples Parole letters are important. They can change...

Utcrgb Com: Your Ultimate Guide to Cutting-Edge Tech Solutions

UTCRGB Com: The Ultimate Digital Tool Discover the features, benefits,...

3 Significant Social Security Changes in 2025 That Could Surprise Many Americans

The article discusses three significant changes to Social Security...

Topics

Tryst Agency: Elevate Your Brand with Expert Marketing Strategies

Tryst Agency stands out in the competitive marketing landscape....

Geekzilla Autos: Transform Your Ride with Cutting-Edge Tech

Welcome to Geekzilla Autos! This is your go-to place...

Parole Letter Examples: Crafting a Persuasive Appeal

Parole Letter Examples Parole letters are important. They can change...

Utcrgb Com: Your Ultimate Guide to Cutting-Edge Tech Solutions

UTCRGB Com: The Ultimate Digital Tool Discover the features, benefits,...

3 Significant Social Security Changes in 2025 That Could Surprise Many Americans

The article discusses three significant changes to Social Security...

Jake Paul to Launch Men’s Skincare Line at Walmart

Jake Paul, the YouTube influencer and professional boxer, has...

Elon Musk Withdraws Lawsuit Against OpenAI

Elon Musk has dropped his lawsuit against OpenAI, the...

May CPI, Fed Decision, and Apple’s Record High: 3 Key Highlights

The May Consumer Price Index (CPI) report, released on...
spot_img

Related Articles

Popular Categories

spot_imgspot_img