Saudi Arabia, which priced the oil giant Aramco’s stock at the lower end of estimates, is set to raise more than $11.2 billion by selling its shares. This will aid in funding its spending plans. The company made the announcement on Friday.
Near the bottom of a 26.7–29 riyal ra
An immediate request for comment on the demand was not answered by the Saudi government or Aramco.
In an attempt to wean itself off of its reliance on oil, Saudi Arabia has been courting foreign investment to invest tens of billions of dollars in projects. But foreign investment has consistently fallen short of expectations.
Through its Public Investment Fund, Vision 2030, the de facto ruler of Saudi Arabia, Crown Prince Mohammed bin Salman, is funding projects ranging from electric vehicles to futuristic cities in the desert.
For the person who knows the situation, the offering was covered four or five times. According to the person and two other people familiar with the matter, foreign demand for the stock was higher than anticipated and exceeded that of Aramco’s historic IPO in 2019. One stated that demand came from Europe and London, while another stated that interest came from China and other parts of Asia.
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