Reported 4 months ago
Saudi Aramco's $12 billion stock offer sold out within hours, marking one of the biggest deals in recent years and testing investor interest in Saudi Arabia's assets. The share sale aims to attract more international shareholders compared to the largely local affair of Aramco's previous IPO five years ago, with investors needing to weigh a hefty $124 billion annual dividend payout against shares that are more expensive than other energy supermajors. The secondary share sale is crucial for Saudi Arabia as it seeks to reduce its dependence on oil and overcome economic challenges, with the government selling a 0.64% stake at a price range of 26.70 to 29 riyals apiece.
Source: YAHOO