“Saudi officials have held meetings with international investors over the past weeks to evaluate their views on a possible listing of Saudi Aramco shares in Asia,” the statement said.
On December 5, Saudi Aramco announced results of an IPO held on the local Tadawul exchange. Demand for the company’s shares exceeded the supply volume more than four times, due to which the securities were placed at the upper limit of the announced range – 32 riyals (8.53 dollars) apiece. In total, Saudi Arabia is selling investors a 1.5% stake in the company for $ 25.6 billion. At the same time, another 450 million shares, or 15% of the offer, were allotted for an additional placement option (an option for stabilizing stock quotes after an IPO).
Based on the placement price, the company was valued at approximately $ 1.7 trillion, becoming the most expensive in the world and by a wide margin ahead of the American Apple, whose market capitalization is about $ 1.2 trillion.
The first trades in Aramco shares are held on December 11. Last week, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Al Saud expressed confidence that the market capitalization of the oil giant would soon exceed $ 2 trillion.
source: wsj.com
