AlAhli Capital Company, as the lead manager for the offering, and Citigroup Saudi Arabia, Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, J.P. Morgan Saudi Arabia, Merrill Lynch Saudi Arabia, Morgan Stanley Saudi Arabia and AlAhli Capital Company, as joint financial advisors to Saudi Arabian Oil Company (Saudi Aramco), announced a secondary public offering of 1.545 billion shares of the Company’s shares by the government, representing $0.64 of the Company’s issued shares.
According to the company’s statement on the Tadawul website, the order book building period for subscribing institutions begins at 9:00 AM (Riyadh time) on Sunday, June 2, 2024, and ends at 5:00 PM (Riyadh time) on Thursday, June 6, 2024.
The price range for the offering shares was set between SAR 26.7 and SAR 29 per share.
To enable the Stabilizing Manager to cover short sales resulting from any additional allocation of shares, the Government has granted the Stabilizing Manager a call option (the greenshoe option) whereby the Stabilizing Manager may purchase from the Government shares not exceeding 10% of the total number of Offer Shares at the final Offer Price.
The number of offering shares that will be allocated to the individual bookkeeper category is 154.5 million shares, representing 10% of the offering shares (excluding shares issued under purchase option shares), in the event that there is sufficient demand from individual subscribers.
The subscription period for individual subscribers starts at 9:00 am (Riyadh time) on Monday, June 3, 2024, and ends at 5:00 pm (Riyadh time) on Wednesday, June 5, 2024.
