Investors flock to Aramco share sale that could raise $13bn

DUBAI: Saudi Arabia’s sale of shares in oil giant Aramco drew more demand than the stock on offer within hours of kicking off on Sunday, a deal that could raise up to $13.1 billion in a major test of international appetite for the kingdom’s assets.

The banks on the deal will take institutional orders through Thursday and will price the shares the following day, with trading expected to start next Sunday on Riyadh’s Saudi Exchange.

Saudi Arabia may announce landmark Aramco share sale on Thursday, sources say

The offering will be a gauge of Riyadh’s appeal to foreign investors, a key plank of the kingdom’s plan to overhaul its economy. Foreign direct investment has repeatedly missed its targets.