Saudi oil behemoth Aramco announced on Thursday that it has set a share price that will value the company's initial public offering (IPO) at $25.6 billion (€23 billion), making it the largest ever seen.
While Aramco earned $25.59 billion from its IPO, it broke the previous record held by Chinese e-commerce giant Alibaba's offering on the New York Stock Exchange in 2014 when $21.8 billion was raised in a single day.
But the listing, expected later this month on the Riyadh stock exchange, is a far cry from the blockbuster debut originally envisaged by the Crown Prince.
Saudi Aramco shares will start trading on December 11, the Saudi securities exchange Tadawul said in a statement on Friday. Saudi banks also offered citizens cheap credit to bid for the shares following a nationwide advertising campaign.
Al-Khatib said the so-called greenshoe option - a provision that grants the underwriter the right to sell more shares - could be implemented.
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Saudi Arabia chose to proceed with an offering to local and regional investors, described by Prince Abdulaziz today as "family and friends". A third of those shares, 0.5 percent, were allocated to retail, or individual investors.
The pricing comes as the Organisation of the Petroleum Exporting Countries is gearing up to deepen oil supply cuts to support prices.
Even at a US$1.7 trillion valuation, global institutions baulked, prompting Aramco to scrap roadshows in NY and London and focus instead on marketing a 1.5 per cent stake to Saudi investors and wealthy Gulf Arab allies.
The Aramco IPO was launched to raise funds to help diversify the kingdom away from reliance on oil and create jobs for a growing population. The core business of Saudi Aramco - oil - is considered by many experts its biggest risk.