Dec 5, 2019

Saudi Aramco raises $25.6bn in world's biggest share sale

State-owned oil giant Saudi Aramco has raised a record $25.6bn in its initial public offering in Riyadh. The share sale was the biggest ever, surpassing that of China's Alibaba which raised $25bn in 2014 in New York. The share sale is at the heart of Crown Prince Mohammed bin Salman's ambitions to wean the Saudi economy off its dependence on oil. Shares went on sale on Thursday at 32 Saudi riyals each and were heavily oversubscribed, according to reports. The core business of Saudi Aramco - oil - is considered by many experts its biggest risk.

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