Saudi Aramco sets the record for largest IPO in history

Saudi Arabian Oil Company (Saudi Aramco) was officially listed today in the Saudi Stock Exchange (Tadawul), after the successful completion of the initial public offering of its shares. Saudi Aramco shares opened at 32 riyals.
The Kingdom of Saudi Arabia sold 3 billion ordinary shares through the IPO process (not including the option to increase the allocation), which represents 1.5% of the company’s capital; at the high end of the target range.
The total subscription requests from individuals and institutions subscribers for the offering process, whose period expired until the end of Wednesday, 4 December 2019, amounted to 446 billion Saudi riyals, which is equivalent to 119 billion US dollars.
The total value of the offering was 96 billion Saudi riyals or $ 25.6 billion (assuming no purchase option was exercised), making it the largest IPO in history.
The Chairman of Saudi Aramco, Yasir Othman Al-Rumayyan, and president and CEO of Saudi Aramco, Amin Al-Nasser rang the announcement bell, indicating the company’s listing and trading of its shares in Tadawul.
The celebration of this historic event was attended by members of the Board of Directors and members of the executive management in Saudi Aramco.
The event was also attended by the Chairperson of the Board of Directors in Tadawul, Sarah Al-Suhaimi, and the Chief Executive Officer in Tadawul, Khalid Abdullah Al Hussan, in addition to a number of important figures representing government sectors.
During the official ceremony, Al-Rumayyan pointed out that the event we are witnessing today confirms the Kingdom of Saudi Arabia's commitment to achieving the goals of the Kingdom's Vision 2030 by diversifying sources of income and enhancing the position of the Saudi financial market.