High investor demand for Aramco share sale aiming to raise $13.1 billion, beneficial for market.

From Investing.com: 2024-06-02 07:50:34

Saudi Arabia’s Aramco shares sale attracts high demand, aiming to raise up to $13.1 billion. The offering will gauge foreign investor interest and help shift focus from oil dependency. The sovereign wealth fund, PIF, may benefit. Shares were down 2% on Sunday at 28.4 riyals. Major banks managing the sale include Citi and Goldman Sachs. OPEC+ likely to extend oil output cuts.

Saudi Arabia is selling about 1.545 billion Aramco shares at 26.7 to 29 riyals. The deal size already covered within the price range, with possible additional offering of about $1 billion. Top global banks involved in management with UBS Group’s Credit Suisse Saudi Arabia unit among others. Retail investors will have 10% reserved shares. OPEC+ expected to prolong output cuts amid global demand concerns. Aramco maintains dividends despite lower profits. Saudi government holds 82% of Aramco. ($1 = 3.7507 riyals)



Read more at Investing.com: Investors flock to Aramco share sale that could raise $13 billion By Reuters