The retail portion of Saudi Aramco’s initial public offering (IPO) has been fully covered, with orders reaching 32.57 billion Saudi riyals ($8.7 billion), lead manager Samba Capital said on Wednesday. The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a market value of between $1.6 trillion and $1.7 trillion. Aramco has said at least one-third of the sale is expected to be covered by …read more
Source:: Yahoo Finance
