Saudi Aramco is worth up to $1.7 trillion at the IPO price range set by the oil ...
DUBAI - Saudi Aramco is worth up to $1.7 trillion at the IPO price range set by the oil giant on Sunday, below the $2 trillion targeted by Saudi’s crown prince but still vying for the title of the world’s biggest IPO.
However Aramco cannot sell the shares directly to investors in the United States and other markets, as the deal will now be restricted to Saudis and foreign institutions, who can invest in shares in the kingdom’s stock market. “We are planning to subscribe to the IPO in two funds that we manage,” said Zachary Cefaratti, chief executive officer of Dubai-based Dalma Capital Management Ltd, adding that the preliminary valuation was “in line with our expectations”.
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 U.S. Securities Act.
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