Aramco has priced its highly anticipated initial public offering at 32 riyals ($8.53) per share.
State-owned oil giant Saudi Aramco’s initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Saudia Arabia’s Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6bn and beating Alibaba’s record $25bn listing in 2014.
At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple as the world’s most valuable listed firm.
But the listing, expected later this month on the Riyadh stock exchange, is a far cry from the blockbuster debut originally envisaged by the Crown Prince. Nick Note: Do not let the Stupids bullshit you. This is the BIGGEST IPO ever Aramco’s local listing was oversubscribed by nearly three times, attracting offers worth 189.04 billion riyals ($50.4 billion), according to banks advising the listing. … That 1% is equivalent to 2 billion shares. It has noting to do with the electric car, Co2 emissions or other fantasies that oil will be replaced anytime soon.. The reality is this is the worlds largest cheapest oil producer. And the worlds largest biggest most profitable company. And Nothing is going to change that for decades to come. AND AND the other Middle East oil producers including Iran are watching. They have never been able to capitalize their great assets on a mammoth scale…. till now. Welcome to the era of oil states Sovereign Wealth Funds…..