Saudi oil giant Aramco gains 10 percent in its first moments on local stock market, pushing its value up to $1.88 trillion
A handout picture provided by Saudi Aramco shows chairperson of the Board of Directors at Saudi Stock Exchange Sarah al Suhaimi addressing the official ceremony launching the debut of the energy giant's initial public offering on Riyadh's stock market on December 11, 2019.
Aramco, owned by the state, has sold a 1.5 percent stake in the company, pricing its shares before trading at 32 Saudi riyals, or $8.53. The sale raises capital for the Public Investment Fund overseen by MBS, but it is only part of a much larger transformation programme to move the economy away from reliance on oil exports for revenue.
The success of Aramco's flotation has hinged on Saudi investment. Non-Saudi investors contributed to just 23 percent of the institutional investment generated in the IPO, according to lead adviser Samba Capital. Saudi companies and government institutions raised 51 percent of the overall demand, with public and private funds contributing to the remaining 26 percent, Samba Capital said.
“A lot of international investors have felt that there should be a discount to Aramco shares due to perceived geopolitical risk. We actually believe geopolitical risk in Aramco is overstated and that the recent September 14th attacks actually demonstrated Aramco's resilience.” Cefaratti added.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Saudi Aramco gains 10% in debut to clinch top seat at $1.8TSaudi Arabia's oil company Aramco has gained 10% in its debut trading on the Saudi Tadawul stock exchange
Leer más »
'Vindication' - Saudi Arabia hails 10% debut jump in Aramco sharesSaudi Aramco shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut, closing in on a $2 trillion valuation, making it the world's most valuable listed company
Leer más »
Boost for Saudi Arabia as Aramco shares surge 10% on debutSaudi Aramco's indicative debut price seen at 35.2 riyals, 10% above IPO price
Leer más »
Saudi Aramco surges 10% in dramatic debut, pushing value to more than $1.8 trillionSaudi Arabian oil giant Aramco begins trading on the Saudi Tadawul stock exchange, pushing its worth to $1.88 trillion, higher than any other firm.
Leer más »
Saudi Aramco shares jump 10% on stock market debutSaudi Aramco shares opened up 10% on their Riyadh stock market debut on Wednesda...
Leer más »
Saudi Aramco shares surge to hit their daily 10% limit as historic IPO begins tradingSaudi Aramco, the world's largest initial public offering (IPO), surged past expectations as it debuted on the country's stock exchange on Wednesday morning.
Leer más »