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Aramco share sale set to raise $12 billion, among largest since IPO
Saudi Arabia’s recent sale of Aramco shares, expected to raise up to $12 billion, is among the largest global share sales since the oil giant’s 2019 IPO. The proceeds will support economic diversification into AI, sports, and tourism.
Saudi Arabia‘s recent sale of Aramco shares, aiming to raise up to $12 billion, ranks among the largest global share sales since its 2019 IPO. If priced at the high end, it would be the sixth-largest share sale since Aramco’s $30 billion IPO and the fourth-largest follow-on offering in that period.
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An option to sell more shares could boost proceeds by $1.2 billion, funding initiatives to diversify the economy into sectors like AI, sports, and tourism. This move comes as oil prices remain below the government’s budget needs, and the kingdom strives to attract over $100 billion annually in foreign direct investment.
The sale has been in the works since 2021 when Crown Prince Mohammed bin Salman announced plans for future share sales. Last year, the kingdom began collaborating with advisers to study the feasibility of this follow-on offering.
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Last update: May 31, 2024