Saudi Arabia Nets $12.35 Billion From Aramco Share Offering

The final proceeds for Saudi Arabia from the secondary sale of shares in its oil giant Aramco came in at $12.35 billion after the exercising of an over-allotment option, boosting the Kingdom’s total gain from the sale by $1 billion. Saudi Aramco sold last month a 0.64% stake in a secondary offering. Aramco priced 1.545 billion shares on offer in its latest share sale at $7.27 (27.25 Saudi riyals) apiece, based on the results of the book-building process. That was a discount of 6% compared to the closing price of Aramco’s…