Saudi bankers’ sweat will lubricate Aramco IPO gfhay
Saudi Arabia’s central bank has doubled leverage limits for retail investors looking to buy shares in oil giant Saudi Aramco, Bloomberg reported on Nov. 17, citing people familiar with the matter.
Banks will be permitted to extend credit to retail customers at a ratio of 2 riyals for every riyal of cash they put up to buy Aramco shares, the people said, asking not to be identified because the decision isn’t public. The current limit is 1 to 1. Lenders will be allowed to give corporate and institutional customers higher leverage ratios based on each customer’s creditworthiness, the people said.
Samba Financial Group will offer retail investors 2-to-1 leverage to invest in Aramco shares, Chief Executive Officer Rania Nashar said in an interview with Al Arabiya TV on Nov. 18. Saudi Aramco said on Nov. 17 it planned to sell 1.5% of the company at a range of 30 riyals to 32 riyals per share. That would value the oil giant’s initial public offering at as much as 96 billion riyals and give the company a potential market value of between $1.6 trillion and $1.7 trillion.
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