On Friday, the Saudi Oil Company “Aramco” announced that it would set the selling price of its shares in the secondary offering at 27.25 riyals ($7.27) per share, which is the lower limit of the price range. This price was matched by the upper limit price of 29 riyals. The offering included 1.545 billion shares, representing about 0.64% of the company’s issued shares.
The company stated that all shares allocated to individual subscribers will be distributed so that each subscriber receives no less than 10 shares. The remaining shares will be allocated on a proportional basis, with an average allocation of 25.13%. It reported that the shares allocated to individual subscribers were fully subscribed, with a total of 1.33 million subscribers.
As a result, 10% of the offering shares, excluding those issued under the additional allocation option, will be allocated to individual subscribers, while the remaining 90% will be allocated to subscribing institutions.
