Saudi Arabia Set for $11.2 Billion Windfall From Aramco Sale

by destinyketoreviews

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(Bloomberg) — The Saudi Arabian oil company Aramco’s mega stock offering will raise at least $11.2 billion for Riyadh, the biggest deal globally for about three years that will help fund a multi-trillion-dollar push to transform the economy.

The government will sell almost 1.55 billion shares for 27.25 riyals ($7.26) apiece, according to a statement. That’s a 6% discount to the stock’s last close before the deal was announced, in line with the average for similar sized offers over the past decade.

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