Saudi Aramco plans to sell 1,5% from the company in it’s initial IPO, worth around 25 billion dollars
Saudi Arabian Oil Company (Saudi Aramco) has today issued a prospectus for its initial public offering on the Saudi Stock Exchange (Tadawul), hoping to sell a 1.5% stake in the company, or about 3 billion shares, according to a press release from Saudi Aramco.
The company announced today the offer price range for the Offering, as well as the commencement of the institutional book-building period and the retail offering period, as per the following offer details:
• The Offer Price Range for the Offering has been set at SAR 30 (around 8$) to SAR 32 per Share (around 8,32$).
• Final Offer Price will be determined at the end of the Book-Building Period. Individual Investors will subscribe based on a price of SAR 32, which is the top end of the price range.
• The base offer size will be 1.5% of the Company’s outstanding shares.
• If the Final Offer Price is below SAR 32, Individual Investors can, in respect of the difference between the highest price of the Offer Price Range and the Final Offer Price, elect either to have the surplus subscription amount refunded in cash by crediting the account of Individual Investors or to be considered for an allotment of additional Offer Shares.
The offering period for the Institutional Subscribers begins on 17/11/2019 and closes at the end of 04/12/2019, and the offering period for Individual Subscribers begins on 17/11/2019 and closes at the end of 28/11/2019.
The company has two hundred billion (200,000,000,000) issued shares, bringing the total value around 1,7 trillion dollars.
Saudi Aramco is the world’s largest integrated oil and gas company with a unique investment proposition. The Company’s crude oil production accounted for approximately one in every eight barrels of crude oil produced globally from 2016 to 2018.