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12/4, 4:33 PM (Source: TeleTrader)
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Bookrunners recommend top end IPO price for Aramco - report

Bookruners of Saudi Arabia state-owned oil giant Saudi Aramco recommended the company prices its Initial Public Offering at 32 Saudi riyals ($8.5) per share. This is the top of an indicative price range since the company previously announced it would be selling its 1.5% stake, or approximately 3 billion shares, at an indicative price range between 30 and 32 Saudi riyals per share.

The sources familiar with the situation told Reuters the decision of the final price will be taken later on Wednesday and if priced at the top, Aramco's IPO will surpass the $25 billion IPO of Alibaba Group Holding in 2014 making the Saudi company the world’s biggest IPO ever.

The IPO is currently valued at around $25.6 billion, putting a value on Aramco at up to $1.7 trillion and the retail subscription for the IPO has been oversubscribed reaching 38.1 billion Saudi riyals ($10.2 billion).

Breaking the News / TF