Amidst the Saudi demand for Aramco‘s shares at the upper limit of the SAR32 price range, Moody’s confirmed that the inclusion of a share of the energy giant in the Saudi Stock Market (Tadawul) is positive for the asset management sector in the Kingdom of Saudi Arabia.
Moody’s added that the listing would be in the interest of companies dealing in products in international markets, such as NCB Capital and Jadwa Asset Management, among others.
Moody’s also said the listing would improve liquidity and trading volume in Tadawul as well.
- Individual investors subscription and book building continues at the third day of Aramco IPO.
Standard and Poor’s also commented on Aramco’s offer, saying the bulk of the subscription would go to the Public Investment Fund (PIF), which could boost the kingdom’s net financial assets of 72.7% of GDP.
The assets could also help keep growth accelerating over the three-year rating horizon, the agency said.
It should be noted that the announced price range evaluates Aramco between $1trn and $600bn, $1tn and $700bn, which means that the subscription will raise between $24bn and $25.6bn.
It’s noteworthy that the final share price will be announced on December 5th.