Saudi Aramco IPO | Pixr8 News

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 ...

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 en...

Tag: Saudi Aramco IPO

Saudi Aramco IPO starts Trading, Gains 10%

JPMorgan Chase Will Lead Saudi Aramco IPO