Saudi Aramco's shares will begin trading on the Saudi stockexchange, Tadawul, on Wednesday, December 11.
Raising$25.6 billion in the world's biggest initial public offering, the oilcompany's shares will trade under the symbol '2222' with a 10 per cent dailyprice fluctuation limit, according to a bourse statement on Friday.
"Onthe first day of trading only, the opening auction for the Saudi Arabian OilCompany (Saudi Aramco) will be extended for 30 minutes," Tadawul saidin the statement.
Witha 30-minute extension on the opening auction, Aramco's trading session willstart from 9:30am to 10:30am on December 11, and trade continuously from10:30am to the usual market close auction at 3:00pm.
State oil giant Saudi Aramco will issue 3 billion shares at aprice of 32 riyals each, meaning the 96 billion riyals (Dh94bn) raised will bethe highest for a stock market debut. The deal values the world's mostprofitable company at $1.7 trillion, Saudi Aramco said in an announcement onThursday.
Thecompany also said that it had granted an option to the IPO's stabilisingmanager, Goldman Sachs Saudi Arabia, allowing for an additional 450 millionshares to be issued to cover over-allotments for an offer that closed more than4.6-times oversubscribed. If the option is granted, these additional sharescould be issued at the offer price at any time during the first 30 days oftrading, and would bring the total amount raised via the IPO to 110.4bn riyals.
Giventhat the institutional tranche of the offer was more than 6x oversubscribed, itis "highly likely" that Goldman Sachs will exercise this option,Dubai-based fund manager Dalma Capital said in a note on Sunday.
