Aramco offered approximately 1.545 billion shares, equivalent to 0.64%, of its shares for subscription at a price ranging between 26.7 riyals and 29 riyals per share, with a total that falls slightly below $12 billion when reaching the upper end of the range.

The period for individuals to subscribe to Aramco in the company’s secondary public offering began today, Monday, June 3, 2024, and ends on Wednesday, June 5, 2024.

There were increasing requests for shares offered for sale in Aramco’s secondary offering of shares of the Saudi oil company Aramco within hours of the start of receiving applications last Sunday, in a deal that could raise up to $13.1 billion.

The participating banks are scheduled to receive requests from institutional investors until Thursday, and will price the shares the following day. Trading is expected to begin on the Saudi Stock Exchange in Riyadh next Sunday.

One of the bookrunners for the Aramco secondary offering revealed that the books covered the full size of the deal within the price range. Which means that demand exceeds supply.

It is possible that the banks will increase the offer by another billion dollars, and if all the shares are sold, the Saudi government will reduce its stake in the largest oil exporting company in the world by 0.7%, and will allocate approximately 10% of Aramco’s new IPO to individual investors according to demand.

The world's largest investment banks, namely Citi, Goldman Sachs, HSBC, JP Morgan, Bank of America, and Morgan Stanley, are helping to manage the sale, as well as local institutions such as the National Bank of Saudi Arabia, Riyad Capital, Al Rajhi Capital, and Saudi Fransi. .