Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

Saudi Aramco surpasses Alibaba in world’s largest IPO, raises $25.6 billion

Titobioluwa Okunade by Titobioluwa Okunade
December 6, 2019
in General News
The world’s most profitable company keeps delaying its IPO , Saudi Aramco in the world’s largest IPO raises $25.6 billion surpasses Alibaba
Share on FacebookShare on TwitterShare on Linkedin

Saudi Arabia’s state-controlled oil firm, Aramco has raised $25.6 billion in the largest Initial Public Offering (IPO) ever, putting the value of the company at $1.7 trillion, higher than Apple ($1.2 trillion), Microsoft and Alibaba ($1.1 trillion).

According to Punch, the IPO was launched on Thursday, with pricing at the high end of the target range, raising $25.6 billion but falling short of the $2 trillion mark set by Crown Prince Mohammed Bin Salman. Aramco will reportedly begin the trading of 3 billion units of shares on the 12th of December, on the local Tadawul Stock Exchange at a starting price of $8.53.

Meanwhile, with the IPO accounting for just 1.5% of Saudi Aramco’s authorized share capital, the oil giant surpassed the $25 billion raised by the Chinese online trading group Alibaba by $0.6 billion when it debuted on Wall Street in 2014.

Saudi Aramco in the world’s largest IPO raises $25.6 billion surpasses Alibaba
Crown Prince Mohammed Bin Salman

However, it was reported that most of the new shareholders are mostly Saudis, as investors around the world have remained unsure about investing in the state-controlled oil firm due to concerns around transparency, governance practices, security and targeted valuation, as well as profitability in the face of harsh environmental policies around the world.

Saudi Aramco, which is expected to raise additional funds from international markets disclosed that it depended on the reception the company received on the local Tadawul Stock Exchange. In a bid to lure investors, Aramco pledged to pay $75 billion in dividends in 2020, promising additional free shares if investors hold their shares for some time.

[READ MORE: Lessons for Nigeria from Saudi Aramco]

The company’s share price is expected to continue to rise as Prince Mohammed viewed the stock offering as a critical component of “Vision 2030,” a program to diversify the Saudi economy and shift Aramco from an oil-producing company into a global industrial conglomerate.

Aramco had earlier announced retail subscriptions, as at November 28, clocked about 11.5 billion euros, with nearly five million subscribers and almost 1.5 billion shares sold exceeding the company’s target of one billion shares.

Related

Tags: AlibabaAppleAramcoMicrosoftMohammed bin SalmanOn the MoneyTadawul Stock Exchange

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Spain fines Google 10 million euros for breaching data protection law
    • EFCC arrests ex-NDDC MD, Nsima Ekere, over alleged N47 billion contract fraud
    • DiamondXtra Season14: Access Bank to splash N270m and Free Digital Marketing Training for 14,000 Customers

    Follow us on social media:

    Recent News

    Gmail and other Google services get restored after massive outage, Google set to extend footprints with acquisition of smartwatch company, Fitbit  , Google wants to start banking with you ,Google partners Flutterwave to train 5,000 merchants, Google to pay Online publishers for high quality contents

    Spain fines Google 10 million euros for breaching data protection law

    May 19, 2022
    EFCC arrests ex-NDDC MD, Nsima Ekere, over alleged N47 billion contract fraud

    EFCC arrests ex-NDDC MD, Nsima Ekere, over alleged N47 billion contract fraud

    May 19, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com