• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 2 hours Shale Oil Fiasco
  • 8 hours USA v China. Which is 'best'?
  • 3 hours Everything you think you know about economics is WRONG!
  • 8 hours Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 4 hours My interview on PDVSA Petrocaribe and corruption
  • 18 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 9 hours Quotes from the Widowmaker
  • 1 day True Confessions of a Billionaire
  • 8 hours Global Debt Worries. How Will This End?
  • 15 hours Petroleum Industry Domain Names
Why Carbon Capture Is Essential For UK Oil And Gas

Why Carbon Capture Is Essential For UK Oil And Gas

Investment in the energy sector…

Oil Up On OPEC Optimism

Oil Up On OPEC Optimism

While broader financial markets struggle…

Aramco IPO Raises $20 Billion In Orders

Aramco

The Saudi Aramco IPO has garnered $19.47 billion (73 billion riyals)  in institutional and retail orders so far, Saudi Arabia’s  Samba Financial Group reported on Thursday afternoon, according to Reuters.

The orders came from 1.8 million retail subscribers who contributed $3.7 billion into the IPO. Reuters had reported earlier that the institutional tranche of the IPO had been oversubscribed, but that preliminary estimates, according to Reuters, show that that it is not.

“Retail and Institutional subscription levels for the first five days of the offering have reached an unprecedented scale, demonstrating the confidence of investors in Saudi Aramco,” Rania Nashar, vice chairman of Samba Capital, told Reuters, adding that the bank expected “further increases in subscription levels during the remainder of the offering period.”

Samba Financial Group, a Saudi Arabia local lender, is managing investor orders for the IPO along with National Commercial Bank and HSBC Holdings PLC, Bloomberg reported yesterday, after other foreign banks found themselves with smaller roles after Saudi Arabia chose to focus on the local bourse only.

Aramco is planning to meet investors in Dubai’s Ritz Carlton on November 24 in hopes of raising $25.6 billion through its share sales. The following day, Aramco will meet investors in Abu Dhabi as well. But its tour will no longer include New York and London, since Aramco decided not to sell its Aramco shares to developed-market investors.

Aramco’s top valuation figure is $1.7 trillion—a disappointment for Saudi Arabia who had held out hope for years for a $2 trillion valuation.

Aramco plans to sell 1.5% of the company, which would work out to be roughly 3 billion shares. The total value of the IPO is expected to come in somewhere near $25 billion in what will be the world’s largest IPO to date.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play