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The IPO consisted of 15.39 million ordinary shares, accounting for 30 percent of the company’s total issued share capital
The price range for the offering was set between SAR5 and SAR5.30
Issuance comes after Aramco raised $6 billion from its first bond issuance in three years in July
The visit aims to boost cooperation in industry and mining, strengthen bilateral relations, and attract investments to the Kingdom
Aramco will fully fund the transaction which will increase its interest in MidOcean
The company set the final offer price at SAR66 per share, indicating a market capitalization of $903Â million
The final IPO price will be determined at the end of the book-building period
GCC fixed income markets saw $75.5 billion in primary issuances during this period
Saudi Arabia saw record high net foreign investments, which rose 7.7 percent annually to $52.78 billion in 2023
Domestic institutional investors now hold around 0.89 percent of the company's shares
The banks on the Aramco offering will take institutional orders until Thursday and will set the price of the shares the following day
The company has set the price range between SAR26.70 and SAR29.00 per share
U.S. economy grew 1.3 percent in Q1 of 2024, significantly slower than 3.4 percent in Q4 of 2023
Brent oil futures expiring in July dropped 0.3 percent to $81.61 per barrel
Brent oil futures for July delivery held steady at $83.61 per barrel
First-quarter GDP data expected to reveal resilience in the U.S. economy, impacting rate cut expectations
Fed officials say the central bank needs to wait for significant progress on inflation before cutting interest rates
Brent crude futures for July delivery rose 0.3 percent to $84.51 per barrel
Strong dollar, possible interest rate hikes are major risks to gold prices
Brent crude oil futures expiring in July edged 0.1 percent lower to $83.04 per barrel
Gold prices achieved a record high of $2,449.89 but have since lost over $100
Brent oil futures for July delivery gained 0.1 percent to $82.22 per barrel
Chinese reserve buying remains a significant tailwind, driving demand and supporting gold prices
Brent crude oil futures for July delivery fell 0.1 percent to $81.31 per barrel
