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Saudi Aramco prices shares at top of range in world's biggest IPO: sources


Added 12-05-19 10:03:02am EST - “DUBAI/RIYADH Reuters) - State-owned oil giant Saudi Aramco has priced its initia...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Saudi Aramco prices shares at top of range in world's biggest IPO: sources”. Below is an excerpt from the article.

DUBAI/RIYADH Reuters) - State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, three sources told Reuters, raising $25.6 billion and overtaking China’s Alibaba to achieve the world’s biggest stock market flotation.

Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion.

Saudi Aramco’s shares have been priced at 32 riyals ($8.53) each against an earlier indicative price range of 30-32 riyals per share, the sources said.

At that price, Aramco’s IPO of 3 billion shares will just beat the $25 billion raised by Chinese tech giant Alibaba (BABA.N) in 2014.

Sources told Reuters earlier that Aramco may also exercise a 15% “greenshoe” option, allowing it to increase the size of the deal to a maximum of $29.4 billion.

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