Tech & Business
12.6.2019
Successful IPO for Saudi Aramco!
With more than $25 billion raised, Saudi Aramco, a Saudi oil company, has just completed the largest IPO in history.
Speculation has been on the rise in recent months about the listing of the “most profitable company in the world”. No more room for doubt now, since at the end of the subscription period, it will place on the Tadawul, the Riyadh Stock Exchange, 1.5% of its share capital, at a unit price of 32 riyals (€7.71) per share.
The operation of all records
With a total of $25.6 billion raised, breaking the record set by the Chinese e-commerce company Alibaba, which raised $25 billion by selling 13% of its capital (compared with 1.5% for Aramco), the Saudi national company is making the largest IPO in history.
In addition, it brings the company’s value to $1,700 billion. Even if this number is below the predictions of Crown Prince Mohammed Ben Salmane, who estimated it at 2000 billion dollars, it still puts the company far ahead of Alphabet (Google), or Apple.
Saudis first
The operation was most effective with Saudi citizens. They were by far the largest number of candidates, with 4.95 million people seeking to buy in the IPO. Just over 100,000 share requests are also received from expatriates residing in the Kingdom.
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