Aramco IPO has dug Saudi an even deeper hole

Saudi Aramco finally pulled off its $25.6 billion initial public offering. But the world’s biggest stock market listing has in one way accomplished the opposite of its intended goal, writes gfhay.

Saudi Aramco on Dec. 5 priced its initial public offering at the top of its indicative range, raising $25.6 billion and overtaking China's Alibaba as the world's biggest stock market flotation.

Saudi Arabia sold the 1.5% stake mostly to domestic and regional investors. At 32 riyals per share, the listing gives the company a notional market capitalization of $1.7 trillion.Demand for the shares reached $119 billion, or almost 4.7 times the total amount on offer, the company said. Depending on the stock’s performance, Aramco can exercise the option to increase the float size by 15%, which would mean a maximum $29.4 billion of gross proceeds.

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