December 6, 2019 | Investopaper
The IPO of the world’s profitable company, Saudi Aramco is all set to raise $25.6 billion beating the previous record of Alibaba. The latter company raised $25 billion by going public in 2014.
The IPO price is set at $8.53 per share. Due to the huge offerings, the company is all set to topple the previous records of IPO sales and this will give the company a valuation of $1.74 trillion too. The valuation is still below what the Saudi Kingdom was targeting. It missed the margin of 2 trillion initially valued by the Crown Prince Mohammed bin Salman. He has the vision to transform the economy of the country within 2030.
This was one of the most awaited initial public offerings of the most profitable and the largest company in the world. The IPO will be listed on the Tadawul, Saudi Arabia’s stock exchange. The IPO was oversubscribed by 3 times.
The company has previously informed that 0.5 percent of the listed shares would be available to retail buyers while 1 percent i.e. 2 billion shares would be for institutional investors.