Saudi Gazette report

RIYADH — Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, Bloomberg reported.

The government had demand for all shares on offer in a few hours after books opened. Books were covered across the price range of SR26.70 to SR29.

Last Thursday, the Government of Saudi Arabia and Saudi Aramco announced the launch of a secondary public offering of ordinary shares of Saudi Aramco.

The offering includes 1.545 billion shares of the company, representing approximately 0.64% of the company's issued shares.

The offering is open to institutional investors in Saudi Arabia, qualified institutional investors outside Saudi Arabia, and eligible retail investors in Saudi Arabia and other GCC countries. Outside the Kingdom, the offering will comply with Regulation S under the US Securities Act of 1933, as amended.

Of the total offer shares, 154.5 million shares, representing 10%, will be allocated to retail investors, provided there is sufficient demand.