Saudi Aramco's Shares Open Higher after $11.2B Secondary Offering, 60% Allocated to International Investors
On June 9, Saudi Aramco's shares opened higher at SR27.95 ($7.45) each after a secondary share offering aimed to raise approximately $11.2 billion.
The shares reached SR28.35 by 10:30 am Saudi time, but the final price for the secondary sale was set at SR27.25, which was towards the lower end of the specified price range.
Following the completion of the new issue, international investors held 0.73% of the company's total shares, with the majority of the institutional tranche allocated to them.
Domestic institutional investors and retail investors received 0.89% and 0.76% of the shares, respectively.
Aramco's latest share offering allocated around 60% to international investors, according to Arab News sources.
Aramco's press release stated that institutional investors, both international and domestic, hold shares acquired through the IPO or open market purchases.
Retail investors consist of individual buyers, including high-net-worth individuals, who have also purchased shares through the IPO or open market transactions.
Approximately 97.62% of Aramco's issued shares are held by other shareholders, including the Saudi government, government-owned entities, subsidiaries, and affiliates.
Aramco, the Saudi Arabian state-owned oil company, announced plans to increase its ownership of shares from 62% to 70%, controlling an additional 163 million shares held in treasury.
This move aligns with Aramco's strategic goal to become a leading integrated energy and chemicals company.
The company aims to maintain oil production, expand gas production capacity, and integrate upstream and downstream operations to secure demand for its crude oil.
Aramco also intends to enhance the resilience and strategic integration of its refining and chemicals portfolios to capture more value across the hydrocarbon value chain.
Merrill Lynch Co. Saudi Arabia has initiated pre-stabilization activities for the secondary offering of Aramco shares.
Tadawul, the firm acting as the stabilizer, intends to stabilize Aramco's second public offering of over $10 billion worth of shares.
Aramco initiated this sale in June, making it the company's second listing following its record-breaking IPO in December 2019, which raised $25.6 billion.
Following the completion of the new issue, international investors held 0.73% of the company's total shares, with the majority of the institutional tranche allocated to them.
Domestic institutional investors and retail investors received 0.89% and 0.76% of the shares, respectively.
Aramco's latest share offering allocated around 60% to international investors, according to Arab News sources.
Aramco's press release stated that institutional investors, both international and domestic, hold shares acquired through the IPO or open market purchases.
Retail investors consist of individual buyers, including high-net-worth individuals, who have also purchased shares through the IPO or open market transactions.
Approximately 97.62% of Aramco's issued shares are held by other shareholders, including the Saudi government, government-owned entities, subsidiaries, and affiliates.
Aramco, the Saudi Arabian state-owned oil company, announced plans to increase its ownership of shares from 62% to 70%, controlling an additional 163 million shares held in treasury.
This move aligns with Aramco's strategic goal to become a leading integrated energy and chemicals company.
The company aims to maintain oil production, expand gas production capacity, and integrate upstream and downstream operations to secure demand for its crude oil.
Aramco also intends to enhance the resilience and strategic integration of its refining and chemicals portfolios to capture more value across the hydrocarbon value chain.
Merrill Lynch Co. Saudi Arabia has initiated pre-stabilization activities for the secondary offering of Aramco shares.
Tadawul, the firm acting as the stabilizer, intends to stabilize Aramco's second public offering of over $10 billion worth of shares.
Aramco initiated this sale in June, making it the company's second listing following its record-breaking IPO in December 2019, which raised $25.6 billion.
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