Aramco stock price well supported as trading opens
From bonus shares to a fat dividend, there is a lot to underpin the share, at least initially
09 December 2019 - 17:44
Dubai — When shares of Saudi Arabia’s national oil company begin trading on Wednesday after the world’s largest initial public offering (IPO), the stars will be aligned to ensure that the stock price holds up.
Aramco sold $25.6bn of shares at 32 riyals each, the top of the range at which they were marketed, and the company had orders for $119bn of stock. About 4.9-million individual investors, almost 15% of the kingdom’s population, applied for the shares. Saudi Arabia sold only 1.5% of the company’s capital in the IPO...
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