Wait six months for Saudi Aramco’s true value gfhay
Saudi Aramco’s share price rose 10% to 35.2 riyals a share on the Saudi Arabian stock exchange on Dec. 11, from an opening price of 32 riyals .State investment funds have been encouraged to buy Aramco shares following the start of trading in Riyadh, two people briefed on the matter told the Financial Times on Dec. 10.
The Public Pension Agency, the Public Investment Fund and the PIF’s Sanabil Investments unit are among the state-backed institutions that may be relied on to support shares in Aramco once they are trading, the FT reported. The PIF denied that it would intervene to support the price after the IPO. It told the FT that its investments in stocks were indirect investments conducted through independent money-management firms that are self-directed.
Abu Dhabi has lifted its investment from $1.5 billion to as much as $5 billion, two people briefed on the deal told the FT. Several western hedge funds applied for and received large allocations, two people familiar with the matter said, intending to sell once the company nears a $2 trillion valuation.
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