Saudi Aramco announced plans to sell 1.545 billion shares valued at over $10 billion on Thursday. The “secondary public offering” will feature shares priced between SR 26.70 and 29 ($7 to $7.70), with the sale commencing on Sunday on the Saudi stock exchange. This offering represents approximately 0.64 percent of the company’s issued shares and follows Aramco’s historic initial public offering in December 2019, which raised $25.6 billion, the largest flotation in history.
As the world’s largest crude oil exporter, Saudi Arabia, prior to this announcement, held about 82 percent of Aramco’s shares. This move marks a significant step in Aramco’s market presence, offering investors another opportunity to buy into the oil giant’s stock.