Saudi Aramco's IPO is being conducted almost entirely with local funds, the Financial Times reported. The latest available data illustrate the extent to which the Kingdom has reduced its ambitions for this long-awaited process.
Some 4.9 million individual investor investors in the kingdom have applied for shares before the end of the deadline on Thursday, with a total value of 47.4 billion Saudi riyals (12.6 billion dollars), the newspaper quoted banks involved in the initial public offering of the Saudi bourse as saying on Friday. Billion dollar).
The IPO was SAR 118.9 billion, according to the updated data. The IPO will close on December 4.
Of these, less than 11% came from non-Saudi investors, whether they were from other Gulf countries or foreign countries.
Saudi Arabia is seeking to raise $ 25 billion from the sale of 1.5% of Aramco through the Saudi stock market, bringing the total valuation of the shares of the entire company $ 1.7 trillion.
Initially, Saudi Arabia's Crown Prince Mohammed bin Salman's ambitions were to raise $ 100 billion from the sale of a 5% stake, with the company's overall valuation at $ 2 trillion.
The total IPO value of SAR166bn, more than the share offered for sale, equivalent to 170% of the amount Saudi Arabia is seeking to raise, is far less than other IPOs on the Saudi bourse, according to the Financial Times.