Saudi Aramco says IPO priced at top to make it world’s biggest IPO

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Dec 5, 2019 #ARAMCO, #Banking and Investment Services (TRBC), #Commodities News (3rd Party), #Company News, #Computer and Electronics Retailers (TRBC), #Crude Oil, #Deals, #Energy (Legacy), #Energy (TRBC), #Energy Markets, #Equities Markets, #Equity Financing, #Europe, #Europe / Middle East / Africa (Energy), #Funds, #Initial Public Offerings, #Integrated Oil and Gas (TRBC), #IPO, #Major News, #Middle East, #New Issues, #Oil and Gas (TRBC), #Organization of the Petroleum Exporting Countries, #Picture available, #Pictures, #PRICED, #Real Estate Markets, #saudi, #Saudi Arabia, #Software (TRBC), #united states, #US

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RIYADH/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, above Alibaba’s (BABA.N) $25 billion listing in 2014.

Aramco priced its IPO at 32 riyals, the top of its indicative range of 30-32 riyals per share, it said in a statement, which means a deal size of $25.6 billion.

The offering generated subscriptions of $106 billion by institutional investors and together with the total demand from individual Investors, order book hit $119 billion, it said.

Reporting by Marwa Rashad and Saeed Azhar

Our Standards:The Thomson Reuters Trust Principles.

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