Saudi Aramco raises $25.6bn in largest-ever IPO

Saudi Aramco's share offering values it at $1.7 trillion, making it the biggest in the world. Photo: AFP/File / FAYEZ NURELDINE

The market launch also puts the Saudi oil behemoth’s value at $1.7 trillion, far ahead of other corporate giants in the trillion-dollar club: Apple , Microsoft and Alibaba . The official price announcement is expected later Thursday on the offering covering just 1.5 percent of Aramco’s capital.The new private shareholders are mostly Saudis, as investors in London and New York have remained more skeptical due to questions about the firm’s transparency, governance practices and targeted valuation, as well as the ability of the group to protect its oil facilities and remain profitable in the face of tougher environmental policies around the world.

Aramco has also provided local investors with promises of higher dividends and the opportunity to obtain additional free shares if they hold their shares for some time.Some of the wealthiest families in Saudi Arabia have been obliged to invest, including billionaire prince Al-Waleed bin Talal, who was among the businessmen locked up in Riyadh’s Ritz-Carlton Hotel during an “anti-corruption” crackdown in 2017.

are you guys sure is not palm oil that we dealing with n not crude oil?

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