Saudi Aramco has announced the Offer Price Range for the Offering, as well as the commencement of the institutional book-building period and the retail offering period. A statement issued at its headquarters here Sunday morning said the Offer Price Range has been set at SAR 30 to SAR 32 per Share. The company will determine the Final Offer Price at the end of the Book-Building Period. Individual Investors will subscribe based on a price of SAR 32, which is the top end of the price range.The statement said the base offer size will be 1.5% of the Company’s outstanding shares. If the Final Offer Price is below SAR 32, Individual Investors can, in respect of the difference between the highest price of the Offer Price Range and the Final Offer Price, elect to have either the surplus subscription amount refunded in cash by crediting the account of Individual Investors or to be considered for an allotment of additional Offer Shares.
Saudi Aramco on November 3 announced its intention to list its shares on the Saudi Stock Exchange (Tadawul) and on November 9 released its prospectus relating to the initial public offering of its shares.
In respect to dates for Individual and institutional subscription, the company said bidding and book-building period for institutional subscribers will begin on Rabi Awwal 20 corresponding to November 17 and will close at the end of 7/4/1441H (corresponding to 4 December 4, 2019.
Submission of Retail Subscription Forms and Retail Offering Period will begin on 20/3/1441H corresponding to 17 November 2019 and will close at the end of 1/4/1441H corresponding to November 28, 2019. Deadline for submission of bid forms by institutional subscribers will be 7/4/1441H corresponding to December 4, 2019. Last date for submission of Retail Subscription Forms and payment of the subscription monies for Individual Investors will be 1/4/1441H corresponding to 28 November 2019.
SOURCE : ALBILAD
