{"id":86785,"date":"2024-06-03T00:00:00","date_gmt":"2024-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/03\/aramcos-blockbuster-share-sale-sells-out-within-hours\/"},"modified":"2024-06-03T00:00:00","modified_gmt":"2024-06-03T00:00:00","slug":"aramcos-blockbuster-share-sale-sells-out-within-hours","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/03\/aramcos-blockbuster-share-sale-sells-out-within-hours\/","title":{"rendered":"Aramco\u2019s blockbuster share sale sells out within hours"},"content":{"rendered":"

Investors cover Aramco secondary offering within hours:<\/strong> Aramco\u2019s blockbuster follow-on offering was fully covered \u201chours\u201d after kicking off<\/a> yesterday, Bloomberg<\/a> reports, citing a document it saw. The oil giant\u2019s offering attracted demand \u201con the full [transaction size] within the price range,\u201d Reuters<\/a> reports, citing one of the banks working on the offering. Aramco had set a price range of SAR 26.70-29.09, meaning it could raise as much as SAR 43.5 bn.<\/p>\n

Institutional book-building continues through Thursday, and foreign appetite could be <\/strong>significant. <\/strong>Both local and foreign investors subscribed to the offering, Bloomberg reports, citing three people with knowledge of the transaction. It remains unclear \u201chow much of the demand came from overseas,\u201d the business information service said. The offering is Regulation S compliant, making it easier for global institutional investors to take part, according to the prospectus (pdf)<\/a>. <\/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, the oil giant said (pdf)<\/a>. Trading of newly sold shares will begin next Sunday, 9 June. Excess subscription amounts will be returned on Tuesday, 11 June. <\/p>\n

The pitch:<\/strong> Buyers can expect part of a USD 124 bn dividend, which Bloomberg Intelligence expects will amount to a dividend yield of 6.6%<\/a>. Aramco is set to boost its dividend this year by as much as 30% over 2023<\/a> thanks to a performance-based dividend, despite a 14.4% y-o-y dip<\/a> in net income in 1Q 2024 to SAR 102.3 bn on lower crude oil sales.<\/p>\n

BACKGROUND-<\/strong> The government is taking an additional 0.64% stake to market, or 1.5 bn ordinary shares, Aramco said in a statement on Thursday<\/a>. The institutional tranche of the sale will account for at least 90% of the shares on offer, while no more than 10% will be allocated to retail investors for the transaction. The three-day subscription period for retail investors starts today<\/strong> and wraps this Wednesday, 5 June, for a minimum of 10 shares each with no upper limit. <\/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. Our friends at EFG Hermes KSA will act as domestic bookrunners alongside Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital. Meanwhile, M. Klein and Company and Moelis will act as independent financial advisors. Meryll Lynch will act as the stabilization manager. White & Case is legal counsel to Aramco, while PwC is auditor. Receiving agents include, Alinma Bank, Alrajhi Banking and Investment Corporation, Arab National Bank, Banque Saudi Fransi, Riyad Bank, Saudi Awwal Bank, Saudi National Bank. <\/p>\n","protected":false},"excerpt":{"rendered":"

Institutional book-building continues until this Thursday<\/p>\n","protected":false},"author":1,"featured_media":86786,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2704],"tags":[139,2419,10,87,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-aramco","tag-capital-markets","tag-enterpriseam-ksa","tag-oil-and-gas","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"0dfc1e37-d5b6-465b-9b5d-56a9f9756d01","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/169.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aramco\u2019s blockbuster share sale sells out within hours, putting the treasury on track to raise as much as SAR 43.5 bn","related_issue":[86780],"teaser":"Institutional book-building continues until this Thursday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.6917453f-4bfb-4368-b0ed-9f0c75777561.mp3"},"yoast_head":"\nAramco\u2019s blockbuster share sale sells out within hours - 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