Messages to Aramco were not immediately returned Friday.
The stock sale also comes nearly five years after Aramco raised $29.4 billion in the world’s largest-ever initial public offering. The new offering, if completed within its range, would rank as the fifth-largest follow-on or secondary offering since 2019, according to Dealogic.
Market Impact and Financial Performance
The latest offering amounts to less than 1% of Aramco’s issued shares, which closed at 29 Saudi riyals ($7.75) Friday on the Saudi Exchange, also known as Tadawul. Aramco reported net income of $121 billion on about $441 billion of revenue in 2023.
Aramco $11.9B Stock Offering : Underwriting and Financial Advisory
Citigroup Saudi Arabia, Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, J.P. Morgan Saudi Arabia Company, Merrill Lynch Kingdom of Saudi Arabia, Morgan Stanley Saudi Arabia, SNB Capital Company, Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital are underwriting the offering.
M. Klein and Company and Moelis & Company UK LLP are serving as Aramco’s financial advisers.
