Saudi Aramco raised $25.6 billion from the world’s biggest initial public offering.
Saudi Aramco raised $25.6 billion from the world’s biggest initial public offering, closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the nation.
But the deal ended up being very different from what the prince had envisaged when he first floated the idea in 2016 with an ambition to raise as much as $100 billion. Aramco offered just 1.5% of its shares and opted for a local listing after global investors balked at its hopes of valuing the company at $2 trillion.Instead, Aramco relied heavily on local investors and funds from neighboring monarchies. In the offering for individuals, almost 5 million people applied for shares.
The deal opens up one of the world’s most secretive companies, whose profits helped bankroll the kingdom and its ruling family for decades, to investors and Saudi individuals. Until this year, Aramco had never published financial statements or borrowed in international debt markets.It will also mean the company now has shareholders other than the Saudi government for the first time since it was nationalized in the late 1970s.
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