The government offered two-thirds of IPO shares to institutional investors, and government institutions bought up 13.2% of the stake.
Saudi Arabian government institutions spent nearly $2.3 billion on Saudi Aramco's record-breaking IPO, Bloomberg reported Tuesday. That reliance on local funding sources contrasts with Aramco's expressed desire to get more economically diverse. The government sold two thirds of shares to institutional investors, and government institutions bought up 13.2% of the stake. Saudi companies bought the largest portion of the tranche, taking 37.5% of shares offered, according to Bloomberg.
Saudi Arabian government institutions spent nearly $2.3 billion on Saudi Aramco's record-breaking IPO, Bloomberg reported Tuesday. That reliance on local funding sources contrasts with Aramco's expressed desire to get more economically diverse. The government sold two thirds of shares to institutional investors, and government institutions bought up 13.2% of the stake. Saudi companies bought the largest portion of the tranche, taking 37.5% of shares offered, according to Bloomberg.
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