Saudi Aramco offers 0.5% of the shares to retail investors


hypothesis of the century

Not even the information leaflet made clear the details of the Saudi Aramco stock market placement, the IPO announced three years ago by Riad as the largest of the century

by Sissi Bellomo

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Not even the information prospectus clarified the details of the placement of the stock exchange Saudi Aramco, the IPO announced three years ago by Riad as the IPO of the century. In 658 pages there is no mention of the share of the Saudi company that will be made available to investors (for now only on the Saudi list), nor are there indications on the price: a mystery on which the most recent analysts' evaluations – ranging from 1 , 2 to 2 billion dollars – do not help to shed light.

The crown prince Mohammed Bin Salman from the beginning he claimed to aim for a valuation of 2 trillion dollars for the company, but the goal seems unlikely. And foreign investors do not seem enthusiastic about supporting the deal.

The prospectus reveals that 0.5% of Aramco's shares will be reserved for retail audience in Saudi Arabia, where an intense advertising campaign has begun to promote the IPO and the banks offer loans to savers to allow membership.

According to press rumors, the Saudi royal house would be willing to place between 1 and 3% of the society on the local list, the Tadawul, obtaining (according to the auspices) between 20 and 60 billion dollars, while the listing on a large international market appears to have been postponed to a date to be defined.

The prospectus defines at least the calendar of upcoming events. The book building (which according to the Saudis will also serve to focus the price range) will be between the 17 November and 4 December. The subscription period for the public will also open on November 17, ending on the 28th of the same month.

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