Audi Arabia: Sale and Wall Street

audi arabia: The much-delayed stock sale, first announced in 2016, was initially expected to raise as much as 100 billion from the sale of up to 5 percent of the company, according to The Japan Times. The IPO is the bedrock of Prince Mohammed's ambitious strategy to overhaul the oil-reliant economy, by pumping funds into nonenergy industries. Aramco priced its initial public offering at 32 riyals 8.53 per share, surpassing the 25 billion raised by Chinese retail giant Alibaba when it debuted on Wall Street in 2014. ; The sale of 1.5 percent of Aramco was oversubscribed 4.65 times, the energy giant said in a statement, but the scaled-down IPO is still a far cry from the blockbuster originally planned by Crown Prince Mohammed bin Salman. RELATED STORIESSaudi Arabia takes over reins of G20 presidency from Japan Abe considering visit to Saudi Arabia and UAE in January to explain planned SDF dispatch But skeptics say the IPO's proceeds would barely cover the kingdom's budget deficit for a year. The company is considered the pillar of the kingdom's economic and social stability and produces about 10 percent of the world's oil, so investors are betting on a long-term rise in oil prices. The market launch puts the oil behemoth's value at 1.7 trillion, far ahead of other firms in the trillion-dollar club like Apple Inc. 1.2 trillion Microsoft Corp. and Alibaba Group Holding Ltd. 1.1 trillion . But it still fell short of the 2 trillion mark that de facto ruler Prince Mohammed was aiming for. (news.financializer.com). As reported in the news.