Saudi Aramco debuts on Riyadh-based stock exchange

Group photo from the Tadawul Bell Ringing CeremonyThe Saudi Arabian Oil Company (Saudi Aramco) has officially listed on the Saudi Stock Exchange (Tadawul), marking the successful Initial Public Offering (IPO) of the company

Saudi Aramco’s stock symbol ticker is (TADAWUL: ARAMCO) and its shares began trading at SAR32.

The offering process, which concluded on 4 December, generated subscriptions by Institutional and Individual Subscribers of US$119bn, or 4.65 times the total offer Shares (assuming no exercise of the purchase option). The offering attracted more than five million subscribers.

Saudi Arabia sold three billion shares (excluding any exercise of the purchase option), equivalent to 1.5 per cent of the company’s share capital. Priced at the top of the indicated range, the offering generated proceeds of US$25.6bn (assuming no exercise of the purchase option), making it the world’s largest IPO.

Yasir Othman Al-Rumayyan, Chairman of the Board of Directors of Saudi Aramco, said, “This is a proud and historic moment for Saudi Aramco and our majority shareholder, as Saudi Aramco begins life as a listed company on Tadawul, together with all our new individual and institutional shareholders here in the Kingdom, in the region and around the world.”

“My focus and that of our Board of Directors is to work in the interests of all shareholders, guiding Saudi Aramco as it continues to fulfil its vital role in global energy supply, whilst striving to create long-term value to benefit all shareholders. Our approach is underpinned by a disciplined capital allocation process and a highly experienced senior management team,” he added.

Amin H. Nasser, president and CEO of Saudi Aramco, said, “Saudi Aramco’s trading debut on Tadawul marks the completion of the world’s largest IPO and the beginning of an important new chapter in our history.”

“Building on our low-cost production and our reliable supply of low carbon-intensity crude oil to our customers, we will remain focused on providing our shareholders with resilient value creation through crude oil price cycles,” he concluded.

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