<span style="color: #222222;">Saudi Arabia, state oil company Aramco has set a share price for its much-anticipated initial public offering.<br />'' <br />'' According to reports, Aramco has set a share price that will value the company's initial public offering (IPO) at 25.6 billion Dollar, making it the largest ever seen. In a statement, Aramco said that the IPO will consist of 3 billion shares, or 1.5% of the company, offered for 8.00 to 8.53 Dollar per share. The Saudi's state-owned crude oil company had announced in November that it would be putting shares up for sale.<br />'' <br />'' The move is part of the country's plan to diversify its economy away from its dependence on oil and increase the country's sovereign wealth fund for investment in other projects.<br />'' <br />''<br />''Aramco's IPO tops a record-breaking 25 billion dollar IPO in 2014 from Chinese internet giant Alibaba.</span><br />
News On AIR | December 6, 2019 2:43 PM
Saudi Aramco announces biggest ever IPO