Oil giant Saudi Aramco begins massive share sale to raise around $12 billion

Saudi state oil giant Aramco has begun its secondary public offering to raise around $12 billion. The offering includes the sale of 1.545 billion shares, representing approximately 0.64% of the company. The share price is set between 26.70 and 29 Saudi riyals per share. The sale could potentially reach up to $13.1 billion. Four additional banks have been added to the share offering. Aramco had previously conducted a successful IPO in 2019, raising a record $29.4 billion. The current offering comes as Saudi Arabia continues its diversification plans, costing more than a trillion dollars.