Saudi Aramco's Shares Rise After Successful Secondary Offering

Saudi Aramco, the world's largest oil company, saw a 1.06 percent increase in its shares on June 9, closing at SR28.60 ($7.63) after the recent secondary share offering. The company aimed to raise around $11.2 billion through this offering, with the final price set at SR27.25. This move attracted international investors, who now hold 0.73 percent of the company's total shares.

The allocation of shares saw a significant portion going to investors outside Saudi Arabia, with close to 60 percent allocated to international investors. The strategic vision of Aramco focuses on expanding its energy and chemicals operations globally, emphasizing oil and gas production, as well as refining and chemicals integration to enhance value across the hydrocarbon value chain.

Merrill Lynch Co. Saudi Arabia, an investment management firm, is involved in stabilizing the offer of securities in the secondary offering. This secondary offering, valued at over $10 billion, marks Aramco's second public offering since its record-breaking IPO in December 2019, which raised $25.6 billion.

Saudi Aramco's recent share price increase and successful secondary offering demonstrate the company's strong position in the global energy market. With a focus on strategic growth and international investment, Aramco continues to solidify its position as a key player in the oil and gas industry.