Saudi Aramco's indicative debut price seen at 35.2 riyals, 10% above IPO price
Saudi Arabian Oil Co raised a record $25.6 billion in its IPO last week, the culmination of a years-long effort by the Crown Prince to open up the energy giant to outside investors and raise funds to help diversify the economy away from oil.
“This is a successful IPO and the Aramco listing will add depth to the local market by providing exposure to a vital sector of Saudi Arabia’s economy,” said Bassel Khatoun, managing director, frontier and MENA at Franklin Templeton Emerging Markets Equity. “It’s a great day for Saudi Arabia and the leadership of Saudi Arabia and for the people of Saudi Arabia. It’s a D-Day for Aramco, it’s a day of reckoning and vindication,” Energy Minister Prince Abdulaziz bin Salman told Reuters in Madrid.
Aramco will have the second biggest weighting on the Tadawul index of 9.7%, according to Al Rajhi Capital. Al Rajhi Bank has the biggest weighting at 14.6% due to its larger free float. But Riyadh scaled back its global ambitions by only listing Aramco on the Tadawul and cancelling roadshows in New York and London due to muted interest from foreign investors.
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