Saudi Aramco, Saudi Arabia's state-run petroleum company, launched the initial public offering (IPO) and according to sources, the company has raised $ 2,560 million (about Rs 1.80 lakh crore) at the upper level of the price range. In terms of this amount, Aramco has become the highest fundraising company through IPO. Earlier this record was in the name of Chinese e-commerce company Alibaba, which raised $ 2,500 million in 2014 through IPO.
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Sources said Aramco's shares will be sold on the Riyadh Stock Exchange at an initial price of 32 riyals. Accordingly, the market value of the company is 1.7 trillion dollars (about 121 lakh crores rupees). Accordingly, it has become the largest company in the world. Sources have also been told that the company may also consider a 15 percent greenshu option. With this, the size of the IPO could increase to $ 2,940 million.
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There will be no listing in foreign markets
It was previously speculated that Saudi Aramco's IPO would be listed on two stock exchanges. Since earlier the company was to sell five percent shares through IPO, at that time two percent shares were going to be listed on the Tadavul Stock Exchange of Saudi Arabia and the remaining three percent shares on a foreign stock exchange. However, later the company made it clear that it does not plan to list shares in the international market.
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Talk about a deal with Reliance Industries
Asia's largest Dhankuber Mukesh Ambani-led Reliance Industries is in talks with Saudi Aramco for the stake sale. At the 42nd AGM of Reliance, it was made clear that Aramco would buy 20 percent of the oil-to-chemical business of Reliance Industries. For this, Saudi Aramco will invest $ 15 billion, which will be the largest ever in terms of foreign direct investment (FDI). After purchasing the stake, Reliance will supply Aramco with five lakh barrels of crude oil per day.
