Sunday, June 23

Tag: Aramco IPO

Saudi Aramco IPO starts Trading, Gains 10%
Market

Saudi Aramco IPO starts Trading, Gains 10%

Saudi Arabia's oil company Aramco began trading, gaining 10% in its debut at the Saudi Tadawul stock exchange. The initial launch pushed it's growth 10% valued to USD 1.88 trillion, higher than any other listed company in the world. Trading for Aramco shares began at 10:30 am in Riyadh. The state-owned oil giant started a mammoth USD 25.6 billion IPO that set the record as the biggest ever in history. The company had announced a sale of 1.5 percent of its shares at 32 Saudi riyals a share, or what is $8.53. At a pre-trading auction earlier in the morning, bids for Aramco's shares reached the 10 percent limit on stock price fluctuation allowed by the Tadawul stock exchange. That pushed the price of Aramco shares to 35.2 riyals, or USD 9.39 a share. This makes Aramco more...
Saudi Aramco Launched World’s biggest IPO
Market

Saudi Aramco Launched World’s biggest IPO

Saudi Oil company Aramco launched its initial public offering (IPO), which will be the biggest in history. Aramco priced its IPO at 32 riyals ($8.53) per share, raising $25.6 billion and beating Alibaba’s record of $25 billion NYSE listing in 2014. However, the IPO valuation is still significantly short of $2 trillion valuations sought by Saudi Crown Prince Mohammed bin Salman. Aramco has declined to comment on the IPO pricing until the article is going live. Aramco market valuation of $1.7 trillion overtaking Apple as the world’s most valuable listed firm. As per the news, Saudi Arabia relied on domestic and regional investors to sell its 1.5% stake because of climate change concerns, political risk and a lack of corporate transparency put foreign investors off the offeri...
Aramco declares USD 1.71 trillion valuation of its IPO, Will Sell 1.5 Percent Stake
Market

Aramco declares USD 1.71 trillion valuation of its IPO, Will Sell 1.5 Percent Stake

Saudi Arabia put a value of up to USD 1.71 trillion on energy giant Aramco in what could be the world's biggest IPO, but missed Crown Prince Mohammed bin Salman's initial target of USD 2 trillion. Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth USD 24-25.6 billion, scaling down Saudi Arabia's initial plan to sell up to five percent of the firm. "The base offer size will be 1.5 percent of the company's outstanding shares," the state-owned energy giant said as it began taking bids from investors in a price range of 30-32 Saudi riyals per share (USD 8-8.5). The much-delayed offering, a cornerstone of Prince Mohammed's ambitious plan to diversify the oil-reliant economy, rivals the world's biggest listing -- the USD 25 billion float...
Aramco could delay IPO after Drone Attacks
Market, MIDDLE EAST

Aramco could delay IPO after Drone Attacks

New York, Sept 16 (AFP)- Saudi authorities are considering whether to delay an IPO for oil giant Aramco after this weekend's attack on its oil facilities shut down much of its production, people with knowledge of the matter said.  "They're in the process of assessing the damage. It's a possibility but it's still very early," said one of the persons who spoke on condition of anonymity. Aramco had planned to debut in November on a local stock market before listing on an international one next year, sources had told AFP last week. The IPO could be the largest ever, with the company's valuation poised to top USD 1 trillion. The company's plans appeared to have accelerated in recent weeks after it chose JPMorgan to lead the initial public offering, sources said. Goldman Sachs and B...
JPMorgan Chase Will Lead Saudi Aramco IPO
Market

JPMorgan Chase Will Lead Saudi Aramco IPO

JPMorgan Chase has been picked as the investment bank to lead Saudi Aramco's initial public offering, which could be the biggest ever, people close to the matter said to Pixr8 News. The US banking giant was notified by the Saudi company of the selection on Tuesday, the sources said, adding that Aramco envisions an offering on a local exchange followed by one on an international exchange that has not yet been picked. Exchanges in New York and Hong Kong are heavily lobbying the Saudi group for the listing, the sources said, adding that Tokyo is not in the running. Aramco has also been chosen Goldman Sachs to work on the offering and other banks are expected to be added at a later date, sources said. Aramco Chief Executive Amin Nasser said earlier Tuesday on the sidelines of an e...
Saudi Arabia committed to Aramco IPO: Saudi Crown Prince
MIDDLE EAST

Saudi Arabia committed to Aramco IPO: Saudi Crown Prince

AP- Saudi Arabia remains committed to selling shares in national oil conglomerate Aramco through an initial public offering but only at the right time, Crown Prince Mohammed bin Salman has said. "We are committed to the IPO of Saudi Aramco based on appropriate conditions and at the right time," Prince Mohammed told the pan-Arab daily Asharq al-Awsat in an interview published on Sunday. He reiterated his earlier expectations that the IPO of Saudi Aramco "will take place in (late) 2020 or the start of 2021," almost two years later than expected. Saudi Arabia plans to sell up to five percent of the world's largest energy firm and hopes to raise up to USD 100 billion. Prince Mohammed said it was still premature to announce where the IPO will be held, adding that many requirements ...