Bloomberg/Mohammed Almuaalemi
by Kudakwashe MuzoriwaThe Saudi Stock Exchange (Tadawul) said that the listing and trading of the Saudi Aramco will start on 11 December 2019 with the symbol 2222 and a ±10 per cent daily price fluctuation limit.
In a statement, Tadawul said that on the first day of trading only, the opening auction for the Saudi Aramco will be extended for 30 minutes. With a 30-minute extension on the opening auction, Saudi Aramco's trading session will start from 9:30 am to 10:30 am and trade continuously from 10:30 am to the usual market close auction at 3:00 pm.
The Kingdom launched the Saudi Aramco IPO to raise funds to help diversify its economy away from reliance on oil and create jobs for a growing population.
Saudi Aramco also said that granted an option to Goldman Sachs, the IPO's stabilising manager, allowing for an additional 450 million shares to be issued to cover over-allotments for an offer that closed more than 4.6-times oversubscribed.
The option would allow additional shares to be issued at the offer price at any time during the first 30 days of trading and would bring the total amount raised via the IPO to SAR 110.4 billion.
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