Tue. Sep 29th, 2020

Saudi Aramco IPO: Oil giant nears $2trn valuation despite climate fears – business live

Aramco, the world’s biggest Co2 producer, is now world’s largest listed company after floating today

9.41am GMT

Saudi Arabia’s finance minister has claimed that the Aramco float will help the Kingdom break its dependency on oil, and develop its economy.

Finance Minister Mohammed al-Jadaan told Reuters that the most of the $25.6bn raised through the IPO will go to Saudi’s sovereign wealth fund (PIF), which is trying to diversify its economy.

“The proceeds will be used largely, maybe not totally, in the local economy, in projects where the PIF will be the first mover which then basically pulls more private sector participation … so the money will remain in the system mostly.”

9.23am GMT

Here’s a reminder that Saudi Arabia has only sold a tiny slice of Aramco, just 1.5% of its stock.

This Aramco flee float is quite something….not sure what to say @youseftv pic.twitter.com/vTPdDmOQlM

Ahead of Aramco’s debut on the Tadawul today, here’s a look at where we stand:
-Pricing: 32 riyals per share ($8.53USD)
-Raise: $25.6bn (Greenshoe: $28.75bn)
-Initial valuation: $1.7 trillion USD
-Initial offer size: 1.5 percent (0.5% retail)#AramcoIPO pic.twitter.com/shJK3ArSTj

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