Saudi Aramco, the oil giant, would command record market valuation after mega IPO - Indian IPO Blog

Indian IPO Blog

Insights into investing world in India

Saturday, December 7, 2019

Saudi Aramco, the oil giant, would command record market valuation after mega IPO

Saudi Aramco is now the world's most valuable company with a market valuation of $1.7 trillion after its initial public offering (IPO) raised $25.6 billion

Saudi Aramco shares will start trading on Dec. 11, the Saudi securities exchange Tadawul said in a statement on Friday.

Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, raising $25.6 billion and beating Alibaba's record $25 billion-listing in 2014

The listing is expected later this month on the Riyadh stock exchange, but it still falls short of the towering $2 trillion valuations long sought by Crown Prince Mohammed bin Salman.

"The amount raised by the IPO itself is relatively contained given the size of the economy and medium-term funding requirement of the transformation plan. But combined with other areas of funding we believe that there is meaningful capital in place to progress with the investment plans aimed at diversifying the economy," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

No comments:

Post a Comment

Join us on Whatsapp!