Saudi oil giant Aramco’s shares rise after stock sale set to raise $11.2 billion

On September 4, 2022, Saudi Aramco’s logo and stock graph were displayed through a magnifier. Following the sale of shares worth approximately $11.2 billion by Saudi Aramco to raise funds for Saudi Arabia, the stock price rose. The stock was traded on the Tadawul stock exchange at 28.25 Saudi Riyals per share, higher than the offer price of 27.25 Saudi Riyals. The price of the stock fell within the range of 26.70-29 Saudi Riyals. The demand for the second offering is expected to be strong, with a total of $65 billion expected to be raised, with a larger portion allocated to foreign investors. This move is part of Saudi Arabia’s Vision 2030 program. However, there are concerns about the stability of the oil market, leading to uncertainty in demand forecasts, prompting investors to watch the US Federal Reserve’s policy changes.


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