IPO

Saudi Arabian Oil Company (Saudi Aramco) on Saudi Stock Exchange (Tadawul): the deal on record

Saudi Aramco set the final offer price for its initial public offering at SAR 32 per share on 5 December 2019, selling 3,000,000,000 shares, or 1.5 percent of its share capital, on the Saudi Stock Exchange. The offering raised SAR 96.0 billion, or USD 25.6 billion, before a purchase option that could raise the total to USD 29.4 billion. Arab News reported that the price valued the company at about USD 1.7 trillion.^1,2

Timeline

1. 5 December 2019Aramco announces the end of book building and a final offer price of SAR 32 per share.¹
2. 11 December 2019Shares begin trading on Tadawul, opening at SAR 35.20, 10 percent above the offer price and the daily limit, according to Arab News and RTE.^3,4

Status now

Listed on the Saudi Stock Exchange, with the state retaining the large majority of shares as of the IPO.¹

Sources

1. Saudi Aramco, Saudi Aramco final price announcement (5 December 2019)
2. Arab News, $25.6 billion Saudi Aramco flotation smashes share sale world record (5 December 2019)
3. Arab News, Saudi Aramco shares soar at maximum 10% on market debut (11 December 2019)
4. RTE, Saudi Aramco shares jump 10% on stock market debut (11 December 2019)