Concern Aramco managed as a result of the IPO to attract 25.6 billion dollars. It surpassed the Chinese retailer Ali Baba 2014.Saudi oil concern Aramco in the result of the initial public offering (IPO) attracted a record 25.6 billion dollars. Its shares on the stock exchange in Riyadh on Thursday, 5 December, was trading at 32 Riyal per unit at the upper boundary of the designated price range, reported by Western agencies, citing informed sources.
In the end, the oil company from Saudi Arabia has become the most expensive public company in the world – with the cost of 1.7 trillion dollars. During the IPO Aramco surpassed the fundraising achieved by the Chinese retailer Ali Baba on wall street in 2014. Then the Chinese company managed to attract $ 25 billion.
Placement of shares on the stock exchange Aramco is the Central point of the plan of the crown Prince of Saudi Arabia Mohammed bin Salman for a large-scale restructuring of the economy, called Vision 2030. The purpose of this plan is to make Saudi Arabia less dependent on oil. Originally it was planned that Aramco will go public in 2017.