Saudi Aramco will price its IPO shares at SR32 ($8.53) each, the top of its previously-indicated SR30-32 range, the company announced 5 December at the end of the offer period.
The 3bn shares (1.5% of the company)sold will raise $25.6bn, marginally beating Chinese ecommerce giant Alibaba’s $25bn 2014 listing in nominal terms at least. Aramco confirms that Stabilizing Manager Goldman Sachs may yet increase the share issuance by 15% (450mn shares) to stabilize the market price. The stabilization period is 30 days from the date at which shares begin trading, and if implemented the move would bring the issuance to $29.4bn. (CONTINUED - 141 WORDS)