'No voice is louder than that of the Aramco IPO, the largest IPO on earth,&...
RIYADH - “No voice is louder than that of the Aramco IPO, the largest IPO on earth,” declared Ahmed Al-Arfaj, a Saudi Arabian TV talk show host, drumming up demand for what could be the world’s biggest initial public offering.
Retail investors will be sold up to 0.5% of Aramco, about $8.5 billion worth of shares, in the IPO, which values the company at $1.6 trillion to $1.7 trillion. The marketing blitz contrasts with the other bumper share sale this month, the secondary listing of Chinese retail titan Alibaba in Hong Kong, a city gripped by protests. Alibaba is not expected to carry out an advertising campaign for what will be Hong Kong’s first paperless listing.In Saudi Arabia, retail investors will be entitled to one bonus Aramco share for every 10 they buy if they hold on to their stock for at least 180 days.
A member of the kingdom’s highest religious body, the Council of Senior Scholars, said during a weekly Friday radio show that investing in Aramco was permissible.
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