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Aramco announced in a statement that the shares of the business will be sold for 27.25 riyals ($7.27). Aramco will sell 1.545 billion shares in total, or 0.64% of its share capital.
The securities are being offered at a discount to market value because the company's shares were worth 28.3 riyals at Thursday's market close.
At first, Aramco declared that it would sell the shares for between 26.7 and 29 riyals.
Institutional and retail investors are offered 10% of the entire volume when they purchase the papers, the company notes.
The entire amount raised through the share offering will go to the government.
In 2019, Saudi Arabia organized the Aramco IPO, selling its shares for roughly $30 billion. Currently, the corporation has a $1.83 trillion valuation. The price of Aramco securities has dropped 14.4% since the start of the year.
About 82% of Aramco's shares are owned by Saudi Arabia, with the remaining 16% being managed by the Public Investment Fund (PIF), a sovereign fund.
source: reuters.com
The securities are being offered at a discount to market value because the company's shares were worth 28.3 riyals at Thursday's market close.
At first, Aramco declared that it would sell the shares for between 26.7 and 29 riyals.
Institutional and retail investors are offered 10% of the entire volume when they purchase the papers, the company notes.
The entire amount raised through the share offering will go to the government.
In 2019, Saudi Arabia organized the Aramco IPO, selling its shares for roughly $30 billion. Currently, the corporation has a $1.83 trillion valuation. The price of Aramco securities has dropped 14.4% since the start of the year.
About 82% of Aramco's shares are owned by Saudi Arabia, with the remaining 16% being managed by the Public Investment Fund (PIF), a sovereign fund.
source: reuters.com
