Saudi Arabia's oil giant, Aramco, experienced an overwhelming demand for its share sales just hours after launching on Sunday. According to Reuters, this share sale could raise to $13.1 billion, attracting global investor interest in Saudi assets.

For now, institutional orders for the shares will still be taken through Thursday, and the shares will be priced the following day. Trading is expected to start next Sunday on Riyadh's Saudi Exchange.

This offering will be part of Riyadh's efforts to attract foreign investment, a central part of the kingdom's plan to diversify its economy from oil dependency. The funds from this sale will likely benefit the Public Investment Fund (PIF), which drives massive projects across various sectors, from sports to futuristic cities.

The Saudi government holds just over 82% of Aramco directly, with PIF owning 16% - 12% directly and 4% through its subsidiary Sanabil. Public investors hold the remaining shares.

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Aramco Shares

Saudi Arabia is offering about 1.545 billion Aramco shares, or 0.64% of the company, at 26.7 to 29 riyals per share, aiming to raise nearly $12 billion at the top end of the range, as reported by Saudi Gazette.

Despite lower profits due to reduced production volumes, Aramco has increased its dividends, introducing a performance-linked payout mechanism last year. Saudi Arabia currently produces about 9 million barrels of crude daily, approximately 75% of its maximum capacity.

Leading global investment banks, such as Morgan Stanley, Citi, JPMorgan, HSBC, Bank of America, and Goldman Sachs, and local firms, such as Saudi National Bank, are managing the sale. 

UBS Group's Credit Suisse Saudi Arabia unit, China banks, and the China International Capital Corporation are also involved in finding buyers for the shares. 

Depending on demand, about 10% of the offering is reserved for retail investors.

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