Saudi oil giant Aramco’s shares rise after stock sale set to raise $11.2 billion

Shares of Saudi Arabia’s Aramco rose on Sunday following a stock sale that’s set to raise the state oil company around $11.2 billion.

Shares were trading around 28.85 Saudi riyals ($7.69) on the Tadāwul Saudi stock exchange at 1:40 p.m. local time (6:40 a.m. ET), above the stock sale offer price of 27.25 Saudi riyals. Pricing was at the lower end of the initial 26.70-29 Saudi-riyal range.

There appears to have been no lack of demand for the secondary offering, which was announced on May 30. Citing sources, Reuters reported that demand for the offering topped $65 billion, and Aramco placed over half of the sale with foreign investors. CNBC was unable to verify the reporting.

It comes as Saudi Arabia pushes ahead with ambitious plans to diversify its economy away from oil under Crown Prince Mohammed bin Salman’s Vision 2030 program.

Source: REUTER