$10 billion share offering by Aramco on Saudi stock exchange

Saudi Aramco said it plans to sell 1.545 billion shares worth more than $10 billion.

In a statement, Aramco announced a “secondary public offering of 1.545 billion shares,” with an expected price range between SR 26.70 and 29 ($7 to $7.70).

The sale on the Saudi stock exchange, which represents approximately 0.64 percent of the company’s issued shares, will commence on Sunday, Aramco said.

It is the firm’s second listing after an initial public offering in December 2019 that raised $25.6 billion, the biggest flotation in history.

Saudi Arabia is the world’s largest crude oil exporter and, before the announcement on Thursday, the government owned about 82 percent of its shares.