Saudi Aramco confirmed over the weekend that it will float 1.5% of its shares on the domestic Tadawul bourse. At an offer price range of SR30-32 per share, Aramco’s valuation is placed at $1.6 trillion - $1.7 trillion, bang in line with MEES estimates (MEES, 15 November). This implies that Saudi Arabia stands to raise between $24bn and $25.6bn from the initial listing.
The final offer price will be unveiled on 5 December, the same day that Saudi Arabia meets with the other Opec ministers in Vienna. (CONTINUED - 692 WORDS)