Energy giant: Aramco declares $1.71 trillion valuation in blockbuster IPO

From left to right Cary Elwes, Talent Manager Laurence Wreford Daniel Portman, Emma Bell Camron Robertson

In a statement Sunday, Saudi Aramco said it was aiming to sell about 1.5% of its 200 billion shares in a partial privatization for between 30 riyals ($8) and 32 riyals ($8.53) each.

Saudi Aramco's multibillion-dollar initial public offering (IPO), probably the biggest in history, shifted to full gear as its share price was announced and subscription to the world's biggest oil company commenced on Sunday.

If Aramco manages to raise funds at top end of the range, it could just beat the record-breaking $25 billion raised by Chinese e-commerce giant Alibaba when it listed in NY in 2014.

Saudi Aramco is the kingdom's oil and gas producer, pumping more than 10 million barrels of crude oil a day, or some 10% of global demand.

Aramco has scrapped plans to market the float to U.S. investors in favour of a careful focus on Middle Eastern institutional investors and ultra-high net worth individuals in the region where the company is confident of support.

Retail investors have until Nov 28 to sign up for the IPO while institutional investors can subscribe until Dec 4.

In its original prospectus, published on Nov.9, Aramco said the domestic IPO would be made to institutional investors outside the United States according to Regulation S of the United States Securities Act of 1933, and inside the United States under the Rule 144A of the US Securities Act.

Diplomat says he overheard Trump call about 'investigations'
Morrison said Sondland related that Trump assured him there were no strings being attached to the military aid for Ukraine. Embassy in Ukraine, said Trump was talking so loudly that Ambassador Gordon Sondland had to hold the phone from his ear.

The major IPO values Aramco between $1.6 and $1.7 trillion.

That means Aramco, the most profitable company in the world, could be worth between 6 trillion riyals ($1.6 trillion) and 6.4 trillion riyals ($1.7 trillion) - making it also by far the world's most valuable company ahead of Apple.

The Aramco listing is part of a year-end equity market rush, with Alibaba taking orders for a Hong Kong listing that is expected to raise up to US$13.4 billion.

Aramco past year posted $111bn in net profit. The decision has been a long time coming as there have been a number of delays since it was first announced in 2016, including the beginning of a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp.

Aramco will reveal the final price of its shares, and its valuation, by early next month although has yet to announce a date when its shares will begin to trade.

Saudi Arabia believes its giant state oil monopoly is worth as much as $1.7 trillion.

The company said it had hired a host of worldwide banking giants including Citibank, Credit Suisse and HSBC as financial advisors and book-runners.

Related News:

Most liked

Paul George to make season debut vs. Pelicans
Holiday, who had six steals in all, intercepted of Lou Williams' attempted bounce pass in the final seconds to seal the victory. But the Pelicans were hardly sympathetic with starters Brandon Ingram (right knee) and Lonzo Ball (groin) sidelined, as well.

Michael Bloomberg to launch $100m digital anti-Trump campaign
He filed to place his name on the ballot in Arkansas on Tuesday, hours ahead of that state's presidential primary filing deadline. Rep Alexandria Ocasio-Cortez of NY , who has endorsed Sen Bernie Sanders of Vermont, wrote on Twitter on Thursday.

UW researchers seek 10000 pets for canine aging study
One dog year is roughly equal to seven human years, Creevy said, but that varies by breed. To be cautious, only larger dogs will be included in these newer clinical trials.

High-priced Huawei Mate X folding smartphone released in China
Huawei reported earlier sales rose 24.4 percent in the first nine months of 2019 to 610.8 billion yuan ($86 billion). Android 10 update for these two smartphones brings EMUI 10 with it, the newest version of Huawei's Android skin.

The Killers Are Coming To Dublin
Fans can pre-order the forthcoming album via the official United Kingdom store HERE to get early access to tickets that go on sale on Wednesday 20th November at 9am.

Dark Mode for WhatsApp soon for iOS users
However, you'd notice this change only in the "Blocked Contacts" and it's going to be an automatic arrangement. "Tap to unblock.". One shows blocked contact notice within chats and the other shows groups that blocked contacts into various categories.

Charge against Maple Leafs centre Auston Matthews dismissed
Matthews was allegedly with a group at 2 a.m. on May 26 who tried to open the guard's locked auto outside the building where she lives.

Top US diplomat bashes leadership in Trump probe
Investigators are eager to hear from Sandy as they scrutinize the administration's decision to withhold military aid from Ukraine. Democrats leading the investigation are pushing out transcripts ahead of a rush of public hearings scheduled for next week.

Seahawks aren't for sale, but Jeff Bezos might be interested anyway
The rest of his wealth is derived from share sales and investments made over the years by his family office, Cascade. Mr Bezos had ended Mr Gates' 24-year run as the richest man in 2018 when he was reportedly worth $160 billion.

Mickey Arthur Likely to Be Appointed as Sri Lanka's Coach
Pakistan had failed to make their way into the semifinal of the World Cup and thus Arthur's job was always in jeopardy. Former fast bowler Rumesh Ratnayake now holds the interim coach role and he is set to be replaced by Mickey Arthur .

Google Details Which Features Will (and Won't) Work at Stadia's Launch
Google doesn't seem to care very much about ensuring its upcoming Stadia streaming service is an attractive prospect at launch. Google says that once the games that support State Share and Stream Connect are launched , these features follow them .

Star Wars Jedi: Fallen Order won't have early access
We continue with that in episode 9 but I've also done things that I don't know if I would have dared in 7. When Disney acquired Lucasfilm, the property was kickstarted back up with J.J.

Instagram is now testing hiding likes worldwide
Since hiding like counts is "a fundamental change to Instagram ", the company has chose to test it further and launch it globally. This test has been well embraced at least according to people who've had this feature from when it went live in other countries.

Amazon just confirmed its Black Friday device deals
Noticeably missing from Amazon's sale are the retailer's newest devices, like the Amazon Echo Buds . Now there is up to 25% off toys , beauty devices , headphones and home products .

Odorizzi, Abreu accept $17.8M offers to stay with teams
A team that signs the qualifying-offer players will now forfeit a draft pick to their former team. The draft-pick compensation won't hurt the likes of Cole, Strasburg and Rendon.