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Saudi Aramco debuts at 10% premium over issue price

Aramco raised $25.60 billion in the biggest-ever IPO by selling shares at 32 riyals.

ETMarkets.com|
Updated: Dec 11, 2019, 01.58 PM IST
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Saudi Aramco
Aramco raised $25.60 billion in the biggest-ever IPO by selling shares at 32 riyals and valuing the company at $1.70 trillion.
NEW DELHI: Energy giant Saudi Aramco debuted on Riyadh-based stock exchange at a premium of 10 per cent, priced at 35.20 riyal. The stocks was issued at Rs 32 riyal.

Aramco raised $25.60 billion in the biggest-ever IPO by selling shares at 32 riyals. With this listing, it has become the most valued firm in the world at $1.88 trillion. Saudi bourse is now world's ninth-biggest stock market.

There are only two other listed companies in the world that have a valuation of more than $1 trillion -— Apple ($1.19 trillion) and Microsoft ($1.15 trillion). Google’s parent company Alphabet ($926 billion), online retailer Amazon ($862 billion) and social media giant Facebook ($572 billion) are the next three on the list.

Saudi Aramco sold a 1.5 per cent stake in the IPO, while the remainder stays in the hands of the Saudi state. Many of the biggest companies, from Amazon.com Inc. to Microsoft Corp., have more than 80 per cent of their equity owned by independent shareholders.

Saudi Arabia’s finance minister recently said that reinvesting money from the IPO of oil group Saudi Aramco would help to create more revenue channels for the government.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco’s initial public offering (IPO), Reuters reported on December 9.


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