The world’s most valuable oil company is preparing to make the largest public offering in history. Saudi Aramco has already set a placement record, but China’s Alibaba has surpassed it. Now the Saudi commodity giant plans to sell $50 billion worth of shares.
The Saudi oil company Saudi Aramco is preparing to make the largest public sale offer in the history of the stock market. Business Insider writes about it.
Saudi Aramco will be able, in addition to the existing shares, to place another 50 billion dollars on the stock exchange, the sale offer of which will be made on the Riyadh Stock Exchange, the publication reported. It clarifies that the placement will take place before the end of 2023.
With the planned placement, Saudi Aramco could set a new record. In 2019, the Saudi oil giant already achieved this with the sale of 1.5% of its shares, during which it raised 29.4 billion dollars. Later, Alibaba subsidiary Ant Group broke the record with Ant Group’s IPO: the company raised $34 billion.
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