Saudi Aramco Ipo

The company will have to boost capital and reapply for national licenses before the sale can go ahead.

The cash raised from the split float between Hong Kong and Shanghai would be far more than the $29 billion chalked up by Saudi Aramco in December.

The United States is considering restrictions on China's Ant Group as well as Tencent over concerns their digital payment platforms threaten national security, Bloomberg News reported on Wednesday.

The crackdown on dissent against Crown Prince Mohammed bin Salman within the Saudi royal family widened on Saturday with the arrest of a fourth prince, the New York Times reported.

A greenshoe option, or over-allotment, allows companies to issue more shares in an IPO when there is greater demand from participants during the initial offering.

Shares of oil giant Saudi Aramco fell 1.7 per cent to their lowest level since listing last month in a record initial public offering (IPO).

Since its trading debut on Wednesday, Aramco's share price has already soared 20.6 per cent from the 32 Riyals.

Aramco's stock sale is the cornerstone of Prince Mohammed's ambitious strategy to overhaul the oil-reliant economy by raising funds to pour into mega projects and non-energy industries such as tourism and entertainment.

Aramco has priced its IPO at 32 riyals ($8.53) per share, the high end of the target range, surpassing the $25 billion raised by Chinese retail giant Alibaba in its 2014 Wall Street debut.

The state-owned oil giant set the final price of its shares at 32 riyals ($8.53), valuing the world's most profitable company at $1.7 trillion.

Saudi Aramco is considered the pillar of the kingdom's economic and social stability, and produces about 10 per cent of the world's oil, so investors are betting on the continued rise in oil prices.

The Saudi Aramco IPO is the centrepiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from its reliance on oil.

Saudi Aramco, which kicked off the final phase of its $25 billion IPO on Sunday, has been noncommittal on purchasing a stake in Bharat Petroleum Corporation Limited (BPCL) as it is reportedly focusing on purchasing a 20 per cent stake in Reliance Industries' oil to chemical division.

The IPO "will allow investors inside and outside the kingdom to contribute to this leading company," Saudi Arabia's King Salman said.

Aramco said it would sell 1.5 per cent of the company in a blockbuster initial public offering worth at least $24 billion.

The company will have to boost capital and reapply for national licenses before the sale can go ahead.

The cash raised from the split float between Hong Kong and Shanghai would be far more than the $29 billion chalked up by Saudi Aramco in December.

The United States is considering restrictions on China's Ant Group as well as Tencent over concerns their digital payment platforms threaten national security, Bloomberg News reported on Wednesday.

The crackdown on dissent against Crown Prince Mohammed bin Salman within the Saudi royal family widened on Saturday with the arrest of a fourth prince, the New York Times reported.

A greenshoe option, or over-allotment, allows companies to issue more shares in an IPO when there is greater demand from participants during the initial offering.

Shares of oil giant Saudi Aramco fell 1.7 per cent to their lowest level since listing last month in a record initial public offering (IPO).

Since its trading debut on Wednesday, Aramco's share price has already soared 20.6 per cent from the 32 Riyals.

Aramco's stock sale is the cornerstone of Prince Mohammed's ambitious strategy to overhaul the oil-reliant economy by raising funds to pour into mega projects and non-energy industries such as tourism and entertainment.

Aramco has priced its IPO at 32 riyals ($8.53) per share, the high end of the target range, surpassing the $25 billion raised by Chinese retail giant Alibaba in its 2014 Wall Street debut.

The state-owned oil giant set the final price of its shares at 32 riyals ($8.53), valuing the world's most profitable company at $1.7 trillion.

Saudi Aramco is considered the pillar of the kingdom's economic and social stability, and produces about 10 per cent of the world's oil, so investors are betting on the continued rise in oil prices.

The Saudi Aramco IPO is the centrepiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from its reliance on oil.

Saudi Aramco, which kicked off the final phase of its $25 billion IPO on Sunday, has been noncommittal on purchasing a stake in Bharat Petroleum Corporation Limited (BPCL) as it is reportedly focusing on purchasing a 20 per cent stake in Reliance Industries' oil to chemical division.

The IPO "will allow investors inside and outside the kingdom to contribute to this leading company," Saudi Arabia's King Salman said.

Aramco said it would sell 1.5 per cent of the company in a blockbuster initial public offering worth at least $24 billion.