Saudi Aramco IPO subscriptions reach SR73bn in first 5 days

The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia. Picture taken May 23, 2018. (Reuters)
Updated 22 November 2019

Saudi Aramco IPO subscriptions reach SR73bn in first 5 days

  • Institutional subscriptions in the first five days reached SR58.39 billion
  • Retail subscriptions during this period totalled SR14.59 billion

RIYADH: Institutional tranche and retail subscriptions to Saudi Aramco’s initial public offering have reached almost SR73 billion in less than a week, Samba Capital Vice-Chairman Rania Nashar said on Thursday.

“Retail and Institutional subscription levels for the first five days of the offering have reached an unprecedented scale, demonstrating the confidence of investors in Saudi Aramco, and we anticipate further increases in subscription levels during the remainder of the offering period,” she said.

Institutional subscriptions amounted to SR58.4 billion and 1.8 billion total subscribed shares. Retail subscriptions were worth SR14.6 billion, representing 1.8 million subscribers and 465 million total subscribed shares.




Samba Capital Vice-Chairman Rania Nashar

Earlier, it was announced that the Kingdom will sell 3 billion shares in Aramco during its stock market launch — representing about 1.5 percent of the total — at a valuation between SR30 ($8) and SR32 a share. This gives the business a total valuation of between $1.6 and $1.7 trillion, making it the most valuable company in history.

Investment professionals welcomed the valuation, which was below than the highest estimates of Aramco’s worth, as a “compromise” between the Kingdom and the financial world.

Setting a price range and the number of shares to be sold starts a “book-building” process during which Aramco and its advisers will consult potential investors and await bids from institutions and private investors to help decide at what price the shares will be sold. The final pricing decision will be announced on Dec. 5, with trading expected to start on the Tadawul shortly after.


Quality of Life program plans annual conference to develop strategic index

Updated 22 January 2020

Quality of Life program plans annual conference to develop strategic index

  • There are 13 programs aiming to change and develop the lifestyles of citizens and residents

JEDDAH: The Saudi Arabian Quality of Life Program will organize an annual conference to develop a strategic index accredited by the UN, according to its spokesman Mazrou Al-Mazrou.

This news came in a meeting held at the King Abdul Aziz Public Library in Riyadh on Monday, during which Al-Mazrou presented insights about the program, and how it related to the National Transformation Program 2020 (NTP) and Saudi Vision 2030.

The program supervises 119 initiatives in the entertainment and recreational sectors, including in culture, sport, recreation and touristism, he added.

“There are 13 programs aiming to change and develop the lifestyles of citizens and residents,” Al-Mazrou said.

“The programs rely on the financing method and intersect with other authorities. A range of events and programs have been achieved, such as diversifying entertainment activities with more than 377 events so far, as well as increasing the index of families’ expenditure rate on entertainment activities."

He said the program had several other objectives, including enriching the local entertainment scene in the Kingdom, contributing to the construction media cities, and supporting the development of the Saudi film industry.