Saudi Aramco, the world’s largest oil company, offered more details on the enormous share offering it is planning for December, setting an overall market value of the company of as much as $1.7 trillion, a figure short of the $2 trillion initially estimated by Crown Prince Mohammed bin Salman.
Still, the company could raise close to $26 billion when it offers shares to the public, a total that could make it the largest initial public offering ever.
Aramco said in a statement that the offering price for its shares would be between 30 and 32 riyals, or about $8 to $8.50 per share, and that 1.5 percent of the company, amounting to three billion shares, would be sold. That would set the value of the company between $1.6 trillion and $1.7 trillion.
Aramco said that it would publish the final price on Dec. 5. Trading on the Riyadh stock market, the Tadawul, is expected to commence around Dec. 12. » | Stanley Reed | Sunday, November 17, 2019
