Tadawul: Saudi Aramco’s free float accounts for 1.67% of capital

Saudi Aramco’s free float shares represented 1.667% of capital, or 3.33 billion shares of 200 billion shares, data compiled by Saudi Stock Exchange (Tadawul) showed.

Saudi Aramco floated 3 billion shares, or 1.5% of capital in an initial public offering (IPO), of which 1 billion shares were offered to retail subscribers. The final offer price was set at SAR 32.

Saudi Aramco received on Tuesday a notification from Goldman Sachs Saudi Arabia, its IPO stabilizing manager that it may stabilize the offer of the following securities based on the price stabilization mechanism instructions. Accordingly, it can buy 450 million additional shares maximum from the selling shareholder, representing 15% of the offering size at the final offer price. The allotment shares will be offered at SAR 32.

Saudi Aramco has a free float of SAR 117.32 billion, and thus, the company is the second largest firm in the market in terms of free float following Al Rajhi Bank (SAR 143.55 billion).

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