{"id":87011,"date":"2024-06-10T00:00:00","date_gmt":"2024-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/10\/aramco-shares-rise-after-follow-on-offering\/"},"modified":"2024-06-10T00:00:00","modified_gmt":"2024-06-10T00:00:00","slug":"aramco-shares-rise-after-follow-on-offering","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/10\/aramco-shares-rise-after-follow-on-offering\/","title":{"rendered":"Aramco shares rise after follow-on offering"},"content":{"rendered":"

Aramco\u2019s shares closed up 1.1% yesterday in the first day of trading after <\/strong>its secondary share sale<\/strong>, closing at SAR 28.60, according to market data. The stock saw SAR 42.1 bn worth of trades yesterday, with 1.6 bn shares changing hands across 1.2k transactions at SAR 27.25 a piece, according to Argaam<\/a>. These shares were deposited yesterday as confirmed by Tadawul<\/a>.<\/p>\n

Pricing:<\/strong> The secondary share sale\u2019s final price was set below expectations at SAR 27.25 per share, pricing its stock in the lower half of its proposed range of SAR 26.7 to SAR 29.0<\/a> a share. The pricing indicates that Aramco raised c. USD 11.2 bn, according to our math. This falls just below the USD 12 bn mark that pundits had initially penciled<\/a> in for the sale.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Foreign investors were big buyers in the offering<\/strong>, with the majority of the institutional tranche \u2014 which accounts for 90% of the shares on offer \u2014 allocated to \u201cinvestors located outside of the Kingdom,\u201d it said in a statement<\/a>. The follow-on offering saw foreign institutional ownership in the oil giant clock in at a 0.73% stake, the company said in a breakdown of shareholder structure post-allocation. <\/p>\n

Meanwhile, local institutional investors own an 0.89% stake in the company<\/strong>, while retail investors\u2019 ownership settles in at a 0.76% stake. Aramco continues to be largely state-owned, with the government and associated entities retaining the vast majority of ownership at a combined 97.62% stake. <\/p>\n

Aramco did not provide a breakdown on foreign investors\u2019 nationalities<\/strong>, but media reports<\/a> have suggested multiple orders for the additional 0.64% stake came in from the US, UK, Hong Kong and Japan.<\/p>\n

Background:<\/strong> The transaction comes as the government looks to unlock non-oil sources of income to plug its budget deficit<\/a> and push bns of USD worth of gigaprojects out of the pipeline<\/a>. Think massive investments in sports, AI, tourism, and infrastructure. Proceeds from the sale will likely be \u201cfunneled to the Public Investment Fund\u201d \u2014 which owns a further 16% stake, analysts told Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foreign investors accounted for the majority of the offering\u2019s institutional tranche<\/p>\n","protected":false},"author":1,"featured_media":87012,"comment_status":"","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":[2704],"tags":[139,2419,10],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-aramco","tag-capital-markets","tag-enterpriseam-ksa","wpautop","entry"],"acf":{"mongo_id":"d674c818-d50d-4e1b-9794-d8fb0a8bb3ef","order":"4","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 shares rise after follow-on offering","related_issue":[87004],"teaser":"Foreign investors accounted for the majority of the offering\u2019s institutional tranche","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.b4e8a033-2ca2-428a-b8ca-b51c6cbd5324.mp3"},"yoast_head":"\nAramco shares rise after follow-on offering - 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