Saudi Arabia Raises USD 12.35 Billion From Selling Aramco Shares

Saudi Arabia raised a total of $12.35 billion from selling shares in Aramco, the world’s most valuable oil company.

An additional 154.5 million shares were placed via Merrill Lynch, which acted as a stabilisation manager on the deal. The offering, initially announced in May, was the largest in the Middle East since Aramco’s initial public offering (IPO) in 2019.

The kingdom raised an additional $1 billion after exercising a greenshoe option, which allows banks to place more stock when there is demand from investors. The success of the share sale and additional proceeds will help further fuel Saudi Arabia’s ambitions to invest in new industries and wean its economy away from oil, as part of its Vision 2030 plan.