[ad_1]

FILE PHOTO: A sign of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed

DUBAI (Reuters) – State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, the company said on Thursday, making it the world’s biggest flotation by raising more than Alibaba’s (BABA.N) $25 billion listing in 2014.

Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion, which was below the $2 trillion target initially sought by Crown Prince Mohammed bin Salman.

Aramco scrapped roadshows in New York and London after foreigners baulked at the valuation and raised concerns about corporate transparency. Instead, it focused on marketing the Riyadh listing to Saudi investors and wealthy Gulf Arab allies.

Saudi banks had offered citizens cheap credit to bid.

(Graphic: Oil giant Saudi Aramco’s IPO link: here)

(Graphic: Saudi Aramco vs. Oil Majors link: tmsnrt.rs/34XI5R2)

Reporting by Saeed Azhar; Editing by Carmel Crimmins, Edmund Blair, Alexandra Hudson, William Maclean

[ad_2]

Source link