Saudi Aramco's $12 Billion Share Sale Fully Subscribed Within Hours

RIYADH — In a major development, Saudi Aramco's highly anticipated $12 billion share sale has reportedly sold out shortly after its opening, according to a report by Bloomberg.

The government witnessed overwhelming demand for all shares on offer in just a few hours once the books were opened. The price range for the shares, ranging from SR26.70 to SR29, was fully covered by eager investors.

The announcement of the secondary public offering of Saudi Aramco's ordinary shares was made jointly by the Government of Saudi Arabia and Saudi Aramco last Thursday. The offering includes 1.545 billion shares, equating to approximately 0.64% of the company's total issued shares.

The share offering is open to institutional investors within Saudi Arabia, qualified institutional investors outside Saudi Arabia, as well as eligible retail investors in Saudi Arabia and other Gulf Cooperation Council (GCC) countries. Outside of the Kingdom, the offering complies with Regulation S under the US Securities Act of 1933, as amended.

Out of the total shares being offered, 154.5 million shares, representing 10% of the offering, will be allocated to retail investors, subject to sufficient demand.

The rapid subscription of Saudi Aramco's share sale showcases the high level of confidence and interest from both domestic and international investors in the world's largest oil company. This successful offering is expected to yield substantial benefits for the company, the government, and the overall economy of Saudi Arabia.