• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 9 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 5 hours Putin blocks Ukraine access to Black Sea after Joe blinks
  • 2 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 1 day U.S. Presidential Elections Status - Electoral Votes
  • 2 hours Fukushima
  • 3 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 day Biden about to face first real test. Russia building up military on Ukraine border.
  • 10 hours So. Who's for Universal Basic Income?

Breaking News:

U.S. Cancels All Q2 Oil, Gas Lease Sales

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudi Aramco Shoots For The Highest Possible Valuation

Saudi Arabia’s oil giant Aramco is assessing setting the final offer price of its initial public offering at the top of the indicative range, which would raise US$25.6 billion and surpass the current record for the biggest IPO ever, Bloomberg reported on Wednesday, quoting people familiar with the discussions.

Aramco has set an indicative price range of 30-32 Saudi riyals, (US$8-8.52), per share, in its long-awaited IPO. The upper end of the pricing range would give the company a total value of some US$1.7 trillion.

Saudi Arabia aims to raise more than US$25 billion from selling 1.5 percent in its crown jewel. If Aramco does price the shares at the top end of the range, it would generate US$25.6 billion from the IPO, beating the US$25-billion IPO of Alibaba on the New York Stock Exchange in 2014.

According to Bloomberg’s sources, many Saudi fund managers have placed orders at the top end of Aramco’s indicative range, expecting strong local demand to push the pricing to the highest level.

The institutional subscription periods ends on December 4, and Aramco is set to announce the final offer price of the IPO on Thursday, December 5, according to its IPO prospectus.

As of last Friday, Saudi Aramco had attracted total bids of US$44.3 billion for its initial public offering—or 1.7 times the money the Kingdom hopes to raise. Related: The Complete Guide To Drilling

Saudi Arabia will be offering up to 0.5 percent in Aramco to retail investors, while in total the Kingdom plans to list 1.5 percent of the company on the Saudi stock exchange, the Tadawul.

The retail portion of the IPO, which ended last week, was oversubscribed nearly 1.5 times, with US$12.64 billion in orders placed.

The institutional portion was nearly 3 times oversubscribed with orders totaling US$50.4 billion one day before the deadline on Wednesday, the financial advisers of the IPO told Reuters on Tuesday.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News