#AramcoStockSale #SaudiVision2030 #GlobalInvestors
Saudi oil giant Aramco's shares surged on Sunday after the announcement of a stock sale aimed at raising approximately $11.2 billion. The state-owned oil company's shares were traded on the Tadāwul Saudi stock exchange at around 28.25 Saudi riyals ($7.53), surpassing the offer price of 27.25 Saudi riyals. The pricing was set at the lower end of the initial range, which was 26.70-29 Saudi riyals.
The secondary offering, declared on May 30, garnered significant demand, with sources disclosing to Reuters that the offering attracted bids totaling over $65 billion. Aramco allocated more than half of the sale to foreign investors. This development comes as Saudi Arabia continues to pursue its Vision 2030 economic diversification plan, spearheaded by Crown Prince Mohammed bin Salman.
Perspective:
The comments section is filled with optimism about Aramco's stock sale, with many investors expressing confidence in the company's ability to raise funds. Some users noted the significant demand for the offering, while others discussed the implications of the sale for Saudi Arabia's economic diversification plans.
Data:
- Aramco's initial public offering (IPO) in 2019 raised $29.4 billion, making it the largest IPO in history.
- Saudi Arabia's Vision 2030 plan aims to reduce the country's dependence on oil exports by diversifying its economy and investing in sectors such as tourism, technology, and renewable energy.
- The global oil market is experiencing volatility, with prices declining for the third consecutive week due to uncertain demand outlook and investor skepticism regarding a potential interest rate cut by the U.S. Federal Reserve.
Original Article: https://www.cnbc.com/2024/06/09/saudi-oil-giant-aramcos-shares-rise-after-stock-sale-set-to-raise-11point2-billion.html
Leave a Reply