Aramco's secondary public offering fully covered in hours: Report

Logo of Saudi Aramco

Saudi Arabian Oil Co.’s (Saudi Aramco) secondary public offering of $12 billion ordinary shares was fully covered within hours since the start of the book-building process today, June 2, Bloomberg reported, citing sources in the know.

The news agency added that the coverage came within the price range of SAR 26.7 to SAR 29 per share.

However, the demand size of foreign investors was unclear, it indicated. 

For More IPOs

According to data available on Argaam, the book-building process for institutional investors in the secondary public offering of Saudi Aramco started today, June 2, at 9:00 AM (Riyadh time) and will end at 5:00 PM on June 6.

The retail offer will run from June 3-5.

On May 30, the TASI-listed company announced the launch of the secondary public offering of 1.545 billion ordinary shares by the government, representing approximately 0.64% of its issued shares.

A total of 154.5 million shares, representing 10% of the offering (excluding shares issued under the purchase option), will be allocated to retail investors, provided there is sufficient demand from them.