UNITED STATES (OBSERVATORY NEWS) — Saudi Aramco’s underwriters have submitted enough applications to cover their stake, three days after the IPO, Bloomberg said on Wednesday.
Aramco’s IPO, which starts on November 17, will run until December 4.
The company started on Sunday to put 1.5 percent of its shares in the local stock market, amounting to 3 billion shares, of which 0.5 percent for individuals (1 billion shares), and 1 percent for institutions (2 billion shares).
The Saudi Capital Market Authority announced on November 3, the approval of the application of “Aramco” to register and put part of its shares for public subscription.
Since 2018, Saudi Arabia has delayed on more than four occasions the postponement of Aramco’s 5 per cent stake in the local market, as well as one or two international exchanges.
Observers believe that the attack on Aramco, in mid-September, led to growing concerns accompanied by international investors at the forum about the Kingdom’s ability to protect one of the most important global energy facilities.
In mid-September, Riyadh announced the control of two fires in the facilities “Abqaiq” and “Khurais” of “Aramco”, because of targeting drones, adopted by the group “Houthi.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
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