NEW YORK: Saudi Arabia is set to raise more than US$11.2 billion after pricing its offering of Aramco stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday.
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Saudi Aramco’s bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or US$7.27 each, according to the report.
The stake sale, a first since Aramco’s record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince Mohammed bin Salman’s plan to diversify the economy.
The stock closed at 28.30 Saudi riyals yesterday.
