Saudi Arabia is poised to raise more than $11.2 billion selling shares in oil giant Aramco (2222.SE), opens new tab to help fund its spending plans, after pricing the stock at the lower end of expectations, the company said on Friday.
Aramco shares were priced at 27.25 riyals ($7.27), near the bottom of a 26.7-to-29 riyals range used in marketing the sale.
The offering was covered four to five times, a person familiar with the matter said.
Foreign demand was stronger than expected, the person and two others familiar with the matter said, and was greater than international demand for Aramco's 2019 record-breaking IPO, two of the people said. One of them said demand included interest from China and elsewhere in Asia and another said the offering drew from Europe and London.
The Saudi government and Aramco did not immediately respond to a request for comment on the demand.
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