{"id":621806,"date":"2024-06-03T00:00:00","date_gmt":"2024-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/03\/aramco-secondary-offering-sells-out-within-hours\/"},"modified":"2024-06-03T00:00:00","modified_gmt":"2024-06-03T00:00:00","slug":"aramco-secondary-offering-sells-out-within-hours","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/03\/aramco-secondary-offering-sells-out-within-hours\/","title":{"rendered":"Aramco secondary offering sells out within hours"},"content":{"rendered":"

Aramco\u2019s blockbuster secondary share sale was fully covered just \u201chours\u201d after <\/strong>kicking off yesterday<\/strong>, Bloomberg<\/a> reports, citing a document it saw. The oil giant\u2019s offering met with sharp investor appetite and will see the transaction fully covered \u201cwithin the price range,\u201d Reuters<\/a> reports, citing one of the banks working on the offering. Aramco had set a price range of SAR 26.70-29.00. <\/p>\n

Remember:<\/strong> The oil giant is taking an additional 0.64% stake to market, or 1.5 bn ordinary shares, guiding on a price range of SAR 26.70-29.00 a piece, it said in a statement on Thursday<\/a>. Institutional book-building continues until this Thursday, 6 June, according to a separate statement (pdf)<\/a>. The three-day subscription period for retail investors starts today and wraps this Wednesday for a minimum of 10 shares each with no upper limit. <\/p>\n

What\u2019s next:<\/strong> The final allocation of shares and the offering\u2019s final price will both be announced on Friday, 7 June, and trading on the newly sold shares will begin next Sunday, 9 June. Excess subscription amounts will be returned on Tuesday, 11 June. <\/p>\n

Advisors: <\/strong>SNB Capital is lead manager. HSBC, BofA, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, Meryll Lynch, and SNB Capital will act as joint global coordinators, bookrunners and financial advisors. EFG Hermes KSA, Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital will act as domestic bookrunners. Meanwhile, M. Klein and Company and Moelis will act as independent financial advisors. Meryll Lynch will act as the stabilizing manager. White & Case will act as Aramco\u2019s legal advisor. Pwc will act as auditor. <\/p>\n

ALSO IN PLANET FINANCE- Nvidia to overtake Apple: <\/strong>US chipmaker Nvidia looks set to surpass Apple in market value, to become the world\u2019s second-most valuable company behind fellow American tech giant Microsoft. Nvidia\u2019s stock has tripled in value over the past year, and accounted for more than a third of the S&P 500\u2019s gains in 2024. (Reuters<\/a>)<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are solidly in the green in early trading this morning. <\/strong>Of the major benchmarks we follow, only the Shanghai Composite is flat. US and European stock futures were up slightly overnight as western markets look forward to the first trading day in June. (Anybody else wondering where the first five months of the year went?)<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

26,870<\/p>\n<\/td>\n

\n

-0.2% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.26<\/p>\n<\/td>\n

\n

Sell 47.40<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.27<\/p>\n<\/td>\n

\n

Sell 47.37<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,625<\/p>\n<\/td>\n

\n

+1.1% (YTD: -2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

8,863<\/p>\n<\/td>\n

\n

+1.3% (YTD: -7.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,978<\/p>\n<\/td>\n

\n

+0.2% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,278<\/p>\n<\/td>\n

\n

+0.8% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,275<\/p>\n<\/td>\n

\n

+0.5% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

4,984<\/p>\n<\/td>\n

\n

0.0% (YTD: +10.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 81.11<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.59<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,346<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 67,798<\/p>\n<\/td>\n

\n

+0.1% (YTD: +60.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 3.2 bn (34.6% below the 90-day average). Local investors were net buyers. The index is up 7.9% YTD.<\/p>\n

In the green: <\/strong>AMOC (+5.7%), EFG Holding (+5.5%), and Heliopolis Housing (+5.0%).<\/p>\n

In the red: <\/strong>Qalaa Holdings (-11.0%), Eastern Company (-5.8%), and GB Corp (-3.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Aramco\u2019s blockbuster secondary share sale was fully covered just \u201chours\u201d after kicking off yesterday, Bloomberg reports, citing a document it saw. The oil giant\u2019s offering met with sharp investor appetite and will see the transaction fully covered \u201cwithin the price range,\u201d Reuters reports, citing one of the banks working on the offering. Aramco had set […]<\/p>\n","protected":false},"author":1,"featured_media":621807,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[394,72,91,122,1134],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-aramco","tag-enterpriseam","tag-oil-and-gas","tag-planet-finance","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"9a4e96e3-bb44-4b47-829d-ec576aaa8431","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/161.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco secondary offering sells out within hours","related_issue":[621783],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.00a5c27b-8027-40e6-91eb-e2e4f3713775.mp3"},"yoast_head":"\nAramco secondary offering sells out within hours - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/03\/aramco-secondary-offering-sells-out-within-hours\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco secondary offering sells out within hours\" \/>\n<meta property=\"og:description\" content=\"Aramco\u2019s blockbuster secondary share sale was fully covered just \u201chours\u201d after kicking off yesterday, Bloomberg reports, citing a document it saw. The oil giant\u2019s offering met with sharp investor appetite and will see the transaction fully covered \u201cwithin the price range,\u201d Reuters reports, citing one of the banks working on the offering. 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June","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/52.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614428,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/01\/saudi-aramco-could-float-more-shares-on-tadawul\/","url_meta":{"origin":621806,"position":1},"title":"Saudi Aramco could float more shares on Tadawul","author":"enterpriseam admin","date":"1 February 2024","format":false,"excerpt":"The oil giant is reportedly targeting at least SAR 40 bn in proceeds","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2794.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578033,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/americana-shares-rise-following-dual-listing-in-saudi-abu-dhabi\/","url_meta":{"origin":621806,"position":2},"title":"Americana shares rise following dual-listing in Saudi + Abu Dhabi","author":"enterpriseam admin","date":"13 December 2022","format":false,"excerpt":"Americana shares climb in its dual debut: Americana Group, the operator of KFC and Pizza Hut in the Middle East, saw its share price climb on its trading debut following a dual listing in Riyadh and Abu Dhabi, Bloomberg reports. Shares rose 13% in Abu Dhabi to AED 2.95 and\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577783,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/aramcos-base-oils-subsidiary-could-raise-up-to-usd-1-3-bn-in-its-ipo-in-riyadh\/","url_meta":{"origin":621806,"position":3},"title":"Aramco\u2019s base oils subsidiary could raise up to USD 1.3 bn in its IPO in Riyadh","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"Aramco subsidiary could raise as much as USD 1.3 bn in its IPO: Saudi Aramco refining subsidiary Luberef commenced bookbuilding for its debut on the Saudi stock exchange at a price range of SAR 91-99 (USD 24.21-26.34) per share yesterday, the company said in a statement (pdf). Luberef will offer\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/73.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543936,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/24\/aramco-sells-49-stake-in-its-natgas-pipelines-fab-lines-up-usd-500-mn-in-sukuk\/","url_meta":{"origin":621806,"position":4},"title":"Aramco sells 49% stake in its natgas pipelines + FAB lines up USD 500 mn in sukuk","author":"enterpriseam admin","date":"24 February 2022","format":false,"excerpt":"Aramco closes USD multi-bn sale of minority stake in natgas pipelines: An investor group led by BlackRock has acquired a 49% stake in Saudi Aramco\u2019s natgas pipelines subsidiary for USD 15.5 bn, as the two firms enter into a pact to explore low carbon energy projects. (Bloomberg)FAB plans sukuk sale:\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543533,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/planet-finance-aramco-plots-record-usd-50-bn-offering-turkish-inflation-nears-50-in-january\/","url_meta":{"origin":621806,"position":5},"title":"Planet Finance: Aramco plots record USD 50 bn offering + Turkish inflation nears 50% in January","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"Aramco plots largest share sale ever: Saudi Aramco is in discussions to sell as much as a USD 50 bn stake to investors in a new share listing, the Wall Street Journal reports, citing unnamed sources. 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