Data News > **Saudi Aramco Completes Successful Secondary Public Offering**
**Saudi Aramco Completes Successful Secondary Public Offering**
By KlickAnalytics Data Insights | June 11, 2024 01:03PM ET
- Saudi Aramco completes secondary public offering of ordinary shares by the Government
- Largest secondary offering in EMEA since 2000 and the largest ECM offering in the Middle East
- Government sells 1.545 billion shares at a final offer price of SAR 27.25 per share
In a groundbreaking announcement, SNB Capital, along with various other financial institutions, announced the successful completion of the secondary public offering of ordinary shares of Saudi Arabian Oil Company (Saudi Aramco) by the Government. The offering saw the Government selling 1.545 billion shares of the Company, accounting for approximately 0.64% of the Company's issued shares.
The final offer price was set at SAR 27.25 per share, resulting in gross proceeds of SAR 42.10 billion for the Government, with the potential for further increase to SAR 46.31 billion if the Over-allotment Option is exercised in full. This offering marks a significant milestone as the largest secondary offering in EMEA since 2000 and the largest ECM offering in the Middle East since Saudi Aramco's IPO in 2019.
Subscribed shares were successfully deposited in investors' portfolios on Sunday, 9 June 2024, with refund of excess subscription monies to all retail subscribers completed on the same day. This successful completion of the secondary public offering highlights the strong market demand and investor confidence in Saudi Aramco and the Government of the Kingdom of Saudi Arabia.
- Largest secondary offering in EMEA since 2000 and the largest ECM offering in the Middle East
- Government sells 1.545 billion shares at a final offer price of SAR 27.25 per share
In a groundbreaking announcement, SNB Capital, along with various other financial institutions, announced the successful completion of the secondary public offering of ordinary shares of Saudi Arabian Oil Company (Saudi Aramco) by the Government. The offering saw the Government selling 1.545 billion shares of the Company, accounting for approximately 0.64% of the Company's issued shares.
The final offer price was set at SAR 27.25 per share, resulting in gross proceeds of SAR 42.10 billion for the Government, with the potential for further increase to SAR 46.31 billion if the Over-allotment Option is exercised in full. This offering marks a significant milestone as the largest secondary offering in EMEA since 2000 and the largest ECM offering in the Middle East since Saudi Aramco's IPO in 2019.
Subscribed shares were successfully deposited in investors' portfolios on Sunday, 9 June 2024, with refund of excess subscription monies to all retail subscribers completed on the same day. This successful completion of the secondary public offering highlights the strong market demand and investor confidence in Saudi Aramco and the Government of the Kingdom of Saudi Arabia.
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