Saudi Aramco sets the IPO price range between SAR30 and SAR32 per share

Saudi Aramco today announced the price range for the initial public offering (IPO) and the commencement of the period of building the order book for the underwriting and individual underwriting segments as follows:

- The offer price range has been set between SAR 30 to SAR 32 per share.

- The final offering price will be determined at the end of the period of building the order book. The individual underwriting segment will be priced at SAR 32 per share, the upper limit of the price range.

- The offering size will be 1.5% of the company's total shares.

- In case the final offer price is less than SAR 32, individual subscribers with respect to the difference between the upper limit of the price range and the final offer price shall have the option of (a) obtaining the cash surplus by refunding it to the individual subscriber or (b) the possibility of allocating Additional shares for the individual subscriber.

Aramco indicated that the main launch dates would be as follows:

- The period of submitting applications and the process of building the register of orders for the subscribed institutions starts from 20/03/1441 (corresponding to 17 November 2019) and ends on 07/04/1441 (corresponding to 4 December 2019).

The application period and subscription process for individual subscribers starts from 20/03/1441 (17 November 2019) and ends on 01/04/1441 (28 November 2019).

- Deadline for submitting subscription applications to the subscribed institutions is 07/04/1441 (4 December 2019).

- The deadline for submitting application forms and paying the subscription value to individual subscribers (01/04 / 1441H (corresponding to 28 November 2019).

- Announcement of the final offering price of the offering shares 08/04 / 1441H (corresponding to 5 December 2019).

- Announcement of the final allocation of offering shares for subscribed institutions and individual subscribers 08/04/1441 (corresponding to 5 December 2019).

- The deadline for payment of the subscription value of the subscribed institutions is 11/04 / 1441H (corresponding to 8 December 2019).

- The date of re-subscription of surplus amounts (if any) to individual subscribers no later than 15/04/1441 (12 December 2019).

The company pointed out that its shares will begin trading in the market after meeting all the requirements and completing all the related legal procedures.