NEW YORK: Saudi Arabia is set to raise more than US$11.2 billion after pricing its offering of Aramco stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday.
Saudi Aramco’s bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or US$7.27 each, according to the report.
The stake sale, a first since Aramco’s record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince Mohammed bin Salman’s plan to diversify the economy.
The stock closed at 28.30 Saudi riyals yesterday.