• Loading stock data...
PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Energy » Saudi Aramco to exercise greenshoe option after record-breaking IPO

Saudi Aramco to exercise greenshoe option after record-breaking IPO

PublicWire by PublicWire
January 13, 2020
in Energy
1 min read
34
0
Saudi Aramco Greenshoe Option

Saudi Aramco to exercise "greenshoe option." Photo: SaudiAramco.com

After its successful and record-breaking initial public offering back in December, Saudi Arabia-based firm Aramco announced Sunday that it would be exercising its “greenshoe option” to sell an additional 450 million shares. The move will be able to raise the size of its initial public offering (IPO) to a record $29.4 billion.

Back in December, Aramco initially raised a then-record $25.6 billion in its IPO. They sold 3 billion shares at 32 riyals ($8.53) but indicated it might sell additional shares through the over-allotment of shares.

The concept of greenshoe option, or over-allocation, is an exercise of a company’s right to sell more shares in an IPO in times when demand from participants is huge enough during the initial offering. The move will see investors and participants to be allocated the additional shares for the option during the book-building process.

“No additional shares are being offered into the market today, and the stabilizing manager will not hold any shares in the company as a result of the exercise of the over-allotment option,” Aramco said in a statement.

The geopolitical situation in the Middle East has caused the stocks from Aramco to become more volatile than expected. Tensions between the United States and Iran escalated after Washington authorized the killing of a high-ranking Iranian general, Qasem Soleimani. Shares of Aramco fell to 34 riyals on Jan. 8; its lowest since the stock began trading on Dec. 11 but closed at 35 riyals on Thursday.

PublicWire

PublicWire

At PublicWire, we know the vast majority of all investors conduct their due diligence and get their news online in a variety of ways including email, social media, financial websites, text messages, RSS feeds and audio/video podcasts. PublicWire’s financial communications program is uniquely positioned to reach these investors throughout the U.S. and Canada as well as on a global scale.

Related Posts

ComEd preps response to restore power outages caused by storm and strong winds
Energy

ComEd preps response to restore power outages caused by storm and strong winds

June 10, 2020
133
President Donald Trump inspired a rise in oil futures after he said a deal between Saudi Arabia and Russia is underway.
Energy

Oil slightly recovers after Trump said a deal between Saudi Arabia and Russia might be reached in a ‘few days’

April 2, 2020
151
Oil refineries and storage facilities are about to reach their maximum capacity as the pandemic continues to shock demand.
Energy

Oil prices are approaching ‘negative territory’ as production increases after OPEC+ cuts expire

April 1, 2020
118
Senator Ted Cruz said that he and other GOP senators ecently ripped into the Saudi ambassador against weaponizing oil prices.
Energy

Ted Cruz: GOP senators warned Saudi Arabia against using oil as ‘economic warfare’ against Americans

March 30, 2020
151
The U.S. solar market installed 13.3 gigawatts (GW) of capacity in 2019, new report reveals.
Energy

US solar installations are expected to grow 47% in 2020 but coronavirus crisis might have an impact moving forward

March 17, 2020
115
Monday has seen a rise on oil prices, the first after six sessions of losses triggered by the coronavirus outbreak
Energy

Oil recovers after six sessions of losses as OPEC+ mulls to impose further cuts

March 3, 2020
127
Currently Playing

Subscribe To Our Newsletter

Ad

PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2020 PublicWire.com

Navigate Site

  • About
  • #96576 (no title)
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • #370 (no title)

© Copyright 2020 PublicWire.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Public Wire Logo

Hello please subscribe to our newsletter to get up to date news weekly!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.