Saudi Aramco says no transactions executed during stabilization period

State-owned Saudi Aramco received an addendum notification from Goldman Sachs Saudi Arabia, the IPO stabilizing manager, including its post-stabilization announcement and the Stabilising Manager’s exercise of the over-allotment option.

The stabilizing manager has given notice to the Kingdom and Saudi Aramco regarding its exercise of over-allotment option for 450 million ordinary shares of the issuer at the offer price of SAR 32 per over-allotment share, the giant oil producer said in a bourse statement.

As no stabilization transactions were executed during stabilization period, following the exercise of the over-allotment option, the total offering size will be 3.45 billion ordinary shares, representing a total offering amount of SAR 110.4 billion ($29.4 billion).

For the avoidance of doubt, the 450 million shares subject to the over-allotment option had been allocated to investors during the book-building process. Therefore, no additional shares are being offered into the market.

The stabilizing manager will not hold any shares in company as a result of exercise of over-allotment option, the statement added.

Saudi Aramco started trading on the Saudi Stock Exchange (Tadawul) on Dec. 11 with the symbol 2222, and a daily price fluctuation limit of 10%, Argaam earlier reported.

Saudi Aramco offered 3 billion shares, or 1.5% of its capital, of which 1 billion shares were allocated for retail investors.