Aramco Prices IPO at Top of Range; Raises $25.6B in World’ Biggest Offering

06/12/2019 04:17:01 Stock Market

Investing.com – Saudi Aramco (SE:ARAM) priced its IPO at the top of its indicative range and raised $25.6 billion from the world’ biggest offering.

The state-owned oil giant set its IPO at 32 riyals ($8.52) per share, which is the top of its indicative range. The stocks will be listed on the Tadawul, Saudi Arabia’s local stock exchange.

The company’s stocks will begin to trade on Dec. 12.

The offering topped the $25 billion Alibaba raised in 2014 and became the world’s biggest IPO on record.

While the offering represents the world’s largest IPO deal, it is reportedly very different from what Crown Prince Mohammed Bin Salman had envisaged. He was initially planning to raise as much as $100 billion in 2016, according to Bloomberg and other news media.

Aramco’s advisor Samba Capital said in a statement that 10.5% of the offers came from foreign investors, while most were from Saudi funds and companies.