Saudi Arabia set to raise over $11.2bn from Aramco stock offering
The state-owned energy firm’s bankers have told investors it plans to price the shares at $7.27 (SAR27.25) each
Reuters
07 June, 2024
Image credit: Saudi Aramco
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Saudi Arabia is set to raise more than $11.2bn after pricing its offering of Aramco stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday.
Aramco’s bankers have told investors it plans to price the shares at $7.27 (SAR27.25) each, according to the report.
The stake sale, a first since Aramco’s record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince and Prime Minister Mohammed bin Salman’s plan to diversify the economy.
The stock closed at SAR28.30 on Thursday.
