Saudi Aramco to Offer Second Stock Tranche Worth Billions

Saudi Arabia announced it will sell a second tranche of stock in its state oil giant, Aramco, worth billions of dollars. This is the first offering since its 2019 IPO, with 1.545 billion shares priced between seven dollars twelve cents and seven dollars seventy-three cents each. The sales begin Sunday for institutional investors and Monday for retail investors.

Saudi Arabia announced it will sell a second tranche of stock in its state oil giant, Aramco, worth billions of dollars.

This marks the first such offering since its 2019 IPO.

Saudi Aramco, formally known as the Saudi Arabian Oil Co., disclosed the sale of 1.545 billion shares, priced between $7.12 and $7.73 each.

At the high end, the shares could be worth $11.9 billion.

Sales will begin on Sunday for institutional investors and on Monday for retail investors.

With a market value of $1.8 trillion, Aramco is the world’s sixth most valuable company.

Only 1.73% of the company has been traded on the Tadawul stock exchange since 2019, and this new offering represents 0.64% of all shares.

The Saudi government remains the dominant shareholder, with shares also supporting the kingdom's sovereign wealth funds to diversify the economy.

Aramco shares traded at around $7.75 on Thursday, despite a 12% decline in value this year.

The company reported a $121 billion profit last year, down from a record in 2022 due to lower energy prices.