Year: 2020

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Aramco's 'greenshoe option' pushes IPO to record $29.4B

January 12, 2020 admin Comments Off on Aramco's 'greenshoe option' pushes IPO to record $29.4B

Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called “greenshoe option” to sell millions more shares to meet investor demand. The company said that the sale of an additional 450 million shares took place during the initial public offering process. The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on Dec. 11. …read more […]

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World’s Biggest IPO Got Bigger: Aramco IPO at $29.4 Billion

January 12, 2020 admin Comments Off on World’s Biggest IPO Got Bigger: Aramco IPO at $29.4 Billion

(Bloomberg) — The final size of Saudi Aramco’s initial public offering jumped one month after its debut in Riyadh.Goldman Sachs Group Inc., one of the underwriters of the world’s biggest IPO, exercised the over-allotment option and increased the offering to $29.4 billion, according to a statement. It said 450 million additional shares were placed at 32 riyals ($8.53) with investors during the book-building process.Read more: Largest-Ever Listing Sheds $200 Billion in A MonthAccording to the terms of the offering, the bank could buy the additional shares during the stabilization period that ended Jan. 9 and give support to the stock, …read more […]

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Trump Is Wrong. The U.S. Does Need Middle East Oil

January 12, 2020 admin Comments Off on Trump Is Wrong. The U.S. Does Need Middle East Oil

(Bloomberg Opinion) — President Donald Trump was wrong last week when he said that the U.S. doesn’t need Middle East oil. For one thing, U.S. refiners still need to process it to make the products their customers want. What’s more, America’s car drivers and truckers need it to keep flowing or else they’ll face higher prices at their local gas pump.Trump made his assertion during an address from the White House after Iran launched a barrage of missiles at two airbases in Iraq used by the U.S. military and amid fears of an escalation in attacks on key oil infrastructure …read more […]