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Saudi Aramco Announces Secondary Public Offering of 1.545 Billion Shares

The Government of the Kingdom of Saudi Arabia and Saudi Arabian Oil Company (Saudi Aramco) have announced the launch of a secondary public offering (SPO) of 1.545 billion ordinary shares, representing approximately 0.64% of the company’s issued shares. The offering is set to commence on Sunday, June 2, 2024, marking a significant event in the global energy market.

The price range for the offered shares is expected to be between SAR 26.70 and SAR 29.00 per share. To cover potential short positions resulting from any over-allotments, the Government has granted the Stabilizing Manager an option, known as a "greenshoe," to purchase up to 10% of the number of offered shares at the final offer price. If fully exercised, the total offering would represent approximately 0.70% of the company’s issued shares.

The book-building period for institutional investors will run from Sunday, June 2 to Thursday, June 6, 2024. Retail investors in Saudi Arabia and other GCC countries can subscribe between Monday, June 3 and Wednesday, June 5, 2024. The final offer price and allocation will be announced on Friday, June 7, 2024.

According to a Thursday statement by the Kingdom of Saudi Arabia, an offering document in relation to the Offering will be published later today on Saudi Aramco’s website. 

Citigroup Saudi Arabia, Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, J.P. Morgan Saudi Arabia Company, Merrill Lynch Kingdom of Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company are acting as joint global coordinators and joint bookrunners for the Offering.

Currently, Saudi Arabia owns just over 98% of Aramco after selling 1.7% in the initial public offering (IPO) in December 2019. Of the 98% held by the Kingdom, the Saudi government owns 90% of Aramco, while the sovereign wealth fund owns the other 8%. 

Saudi Aramco made its debut on the Saudi Stock Exchange in December 2019 and raised around $30 billion in the share listing, which became the largest in history.

By Julianne Geiger for Oilprice.com


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