The shares were priced at 32 riyals , according to a statement. The initial public offering was 4.65 times oversubscribed, with most of the money coming from local investors. It received total bids of US$119 billion.The deal ended up being a very different one from what was originally envisaged. Aramco offered just 1.5 per cent of its shares and Saudi Arabia had to trim its ambitions after global investors balked at the kingdom’s hopes of valuing the company at US$2 trillion.
The kingdom’s richest families, some of whom had members detained in Riyadh’s Ritz-Carlton hotel during a so-called corruption crackdown in 2017, are expected to have made significant contributions to the IPO. Global banks working on the deal were sidelined after Saudi Arabia decided to focus on selling the shares to local and regional investors.
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