Today, Wednesday, at 5 pm, the subscription period for individual investors in the secondary public offering of shares of the Saudi Arabian Oil Company, Saudi Aramco, which began last Monday, June 3, at 9 am, ends.
Aramco has allocated 154.5 million offering shares, representing 10% of the number of offering shares (excluding shares issued under purchase option shares), to individual subscribers - provided there is sufficient demand from individual subscribers, according to the offering document.
The minimum subscription for the Offer Shares for individual subscribers is 10 Offer Shares or a multiple thereof, based on the Individual Subscription Price of SAR 29 per Share, representing the highest price within the Offer Price Range. There is no maximum limit to the number of Offer Shares that can be subscribed to by individual subscribers, and the individual subscriber may not change or cancel his subscription after submitting it.
The final allocation of the offering shares to subscribing institutions and individual subscribers is scheduled to be announced next Friday, June 7, 2024, noting that the last date for depositing individual subscribers’ shares into their investment portfolios is before 9:00 am on Sunday, June 9, 2024, according to the offering document.
Aramco is offering 1.545 billion shares of the company's shares for secondary public subscription, which represents about 0.64% of the company's issued shares.
Saudi Aramco has set the price range for the offering shares between SAR 26.7 and SAR 29.0 per share. Accordingly, Aramco intends to raise between SAR 41.25 billion ($11 billion) and SAR 44.8 billion ($11.95 billion), noting that the individual segment will subscribe at the maximum price of the offering.
Bloomberg announced yesterday, Sunday, the sale of Saudi Aramco shares offered in a secondary public offering worth $12 billion, shortly after the opening of the public offering for the institutional segment.
