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Saudi Government Spent $2.3B On Aramco’s IPO

Saudi Arabia’s government itself sank nearly US$2.3 billion in the record-beating initial public offering of the Kingdom’s oil giant Aramco, according to one of the lead managers of the deal, which was aimed at attracting fresh funds into the Saudi economic diversification.

Saudi Arabia’s government institutions represented 13.2 percent of the institutional investors, according to lead manager Samba Capital, as quoted by Bloomberg.

Institutional investors collectively took 1 percent of Saudi Aramco in the IPO, while another 0.5 percent of the oil giant was sold to retail investors in Saudi Arabia.

Less than a quarter, or 23 percent, of the institutional portion of Aramco’s IPO went to non-Saudi investors, the head of Investment Banking at National Commercial Bank, Wassim al-Khatib, told Al Arabiya news channel on Monday.  

Saudi Arabia has had to rely on domestic interest in its oil giant, and possibly on large institutional investors from its Persian Gulf friends, as foreign fund managers have not been too keen to invest in the world’s most profitable oil company.

The Saudi Public Pension Agency was allocated shares which equal 11.5 percent of the institutional tranche of the IPO, al-Khatib told Al Arabiya.  

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, will spend “a lot” of the US$25.6-billion proceeds from the IPO for local large-scale investments, which could otherwise be too steep for the private sector to handle on its own, Saudi Arabia’s Finance Minister Mohammed Al Jadaan told Bloomberg in an interview earlier this week.

Although the US$1.7 trillion valuation in the IPO would make Aramco the most valuable listed company in the world, the valuation will still be US$300 billion short of the coveted US$2 trillion that Saudi Crown Prince Mohammed bin Salman has sought for years.

Following the largest IPO in history, Saudi Aramco’s shares will now be listed and start trading on the main market of the Saudi oil exchange on Wednesday, December 11, the Saudi Stock Exchange, Tadawul, said last week.

By Tsvetana Paraskova for Oilprice.com

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  • Kay Uwe Boehm on December 11 2019 said:
    Aramco of no worth at all after destroyed from iranian rockets and water more worth than gold, oil, gas & coal in desert all to be substituted with CO2 neutral CNG out of air CO2+ electrolyse H2 with nuclear or cold fusion energy and aircon delivering electricity & water with new 100% efficient CO2 turbines at end with centrifuge compressor cooling all with backflow thermal isolated only electricity no heat out for all steam power plants also low heat like from hot air around sucked with 2. cf compressor there more hot & dense cooled with CO2 for turbine then air expanded over turbo cold aircon and water condensed out of air outside or inside.

    Also diamonds with less worth endless trillions $ worth is the clean white diamond coal hot harder diamond unburnable & insoluble cubic boron nitride isotopes B-11 & N-15 + fine ThO2 for 30 year pebble runtime and endstorage each 200g 1 kW inside HTR zero risk & cheap with 100% efficient turbines also for 700bar CNG cars, ships, rockets, airplanes etc.
  • Kay Uwe Boehm on December 11 2019 said:
    Aramco of no worth at all after destroyed from iranian rockets and water more worth than gold, oil, gas & coal in desert all to be substituted with CO2 neutral CNG out of air CO2+ electrolyse H2 with nuclear or cold fusion energy and aircon delivering electricity & water with new 100% efficient CO2 turbines at end with centrifuge compressor cooling all with backflow thermal isolated only electricity no heat out for all steam power plants also low heat like from hot air around sucked with 2. cf compressor there more hot & dense cooled with CO2 for turbine then air expanded over turbo cold aircon and water condensed out of air outside or inside.

    Also diamonds with less worth endless trillions $ worth is the clean white diamond coal hot harder diamond unburnable & insoluble cubic boron nitride isotopes B-11 & N-15 + fine ThO2 for 30 year pebble runtime and endstorage each 200g 1 kW inside HTR zero risk & cheap with 100% efficient turbines also for 700bar CNG cars, ships, rockets, airplanes etc.

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