Saudi Aramco, the world's largest oil exporter, will sell 1.5% stake, or 3 billion shares in its initial public offering (IPO).
The company has a paid-in capital of SAR 60 billion, divided into 200 billion ordinary shares without par value.
The giant oil producer set the IPO price range between SAR 30 - SAR 32 per share, so that the size of the offering will stand at SAR 90-96 billion ($24-25.6 billion).
Saudi Aramco’s IPO will likely be the world’s largest offering, and is expected to exceed Alibaba's 2014 IPO worth $21.77 billion.
In Saudi Arabia, the state energy firm’s public offering is forecast to top National Commercial Bank’s (NCB) SAR 22.5 billion IPO in Oct. 2014.
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The Largest IPOs in History |
||||
|
Ranking |
Company |
Sector |
IPO value (bln$) |
IPO date |
|
1 |
Saudi Aramco |
Oil |
$24 bln- $25.6 bln |
November 2019 |
|
2 |
Alibaba |
Technology |
21.77 |
September 2014 |
|
3 |
Softbank |
Telecom |
21.35 |
December 2018 |
|
4 |
NTT Mobile |
Telecom |
18.10 |
October 1998 |
|
5 |
VISA |
Technology |
17.86 |
March 2008 |
|
6 |
AIA Group |
Finance |
17.78 |
October 2010 |
|
7 |
Enel Co. |
Utilities |
16.45 |
October 1999 |
|
8 |
|
Technology |
16.01 |
May 2012 |
|
9 |
General Motors |
Luxury consumer goods |
15.77 |
November 2010 |
|
10 |
Industrial and Commercial Bank of China |
Finance |
13.96 |
October 2006 |
The world's largest oil exporter launched today, Nov. 17 its IPO for retail and institutional investors. The retail offering will close on Nov. 28, while the deadline to submit bid forms for institutional investors is set for December 4. Retail investors will have to bid at the top end of the price range (SAR 32 per share).
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