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Saudi Arabian Oil Company "Aramco" has revealed the final price for the secondary public offering of its shares, totaling 1.545 billion shares, representing approximately 0.64% of the company's issued shares.
The set offering price for both institutional and individual subscribers is SAR27.25 per share. Each individual subscriber will receive a minimum of ten shares, with the remaining shares being distributed proportionally, as reported by SPA.
Aramco has reported that 1,331,915 individual subscribers have fully subscribed, resulting in 10% of the offering shares being allocated to individual subscribers, while the remaining 90% will be allocated to institutional subscribers.
The company has given the Stabilizing Manager a greenshoe option to cover short selling operations resulting from any overallotment of shares. The Stabilizing Manager has the option to purchase up to 10% of the offering shares at the final offering price within 30 calendar days from the date the offering shares started trading.
Aramco has made the offering document available at (www.aramco.com/share-offering) and encourages interested parties to review it for comprehensive information on key event dates for the offering, as well as the subscription and settlement process.
The company has stated that the settlement process and delivery of the offering shares to subscribing institutions will be conducted through negotiated trades outside the market. The settlement process for individual subscribers will be handled through the subscription manager and the company's securities depository centers (Edaa). The offering shares will be deposited into the subscribers' wallets/brokerage accounts with the financial market institution associated with the receiving entity.
The deposit of the offering shares allocated to subscribing institutions and individual subscribers will be completed before the market opens.
