Saudi Arabia kick-started an initial public offering of the world's largest oil company on Sunday (November 3), three years after a listing of Saudi Aramco was first flagged, and just seven weeks after crippling attacks on its oil facilities.
Chief executive Amin Nasser called it a "truly historic" day, adding that the company would be listed on the local bourse.
The IPO will be split into two tranches, one each for institutional and individual investors - but Aramco did not give a time frame or reveal how much of the company would be sold, saying that would be determined after the bookbuilding period.
Sources say Aramco could offer 1%-2% of its shares, raising as much as $20 billion to $40 billion.
The company is valued by bankers and company insiders at around $1.5 trillion - 50% more than the world's most valuable listed companies, Microsoft and
A sale of 2% of Aramco's shares at that valuation would be the biggest IPO of all time, beating Chinese e-commerce giant Alibaba's record-breaking 2014 IPO.
The aim is to raise billions of dollars as a part of Crown Prince Mohammed bin Salman's push to diversify Saudi Arabia's economy away from oil.
The kingdom's reliance on black gold was emphasized by the September 14 attacks which shut off about 5% of global supply, and also raised questions about the vulnerability of Aramco's oil facilities amid deepening regional tensions.
On Sunday, Aramco said it does not expect the attacks - which Riyadh blamed on regional foe Iran - to have a material impact on its finances and operations.
Apple just became the first US-listed company to reach a $2 trillion market capitalization. Apple shares rose 1.2% to an all-time high of $467.84 per share on Wednesday to reach the $2-trillion milestone. Oil giant Saudi Aramco is the only other publicly listed company to ever hit a $2 trillion market value. Apple recently announced its fifth stock split in an effort to appeal to a broader base of investors. Business Insider reports Apple is set to enact a 4-for-1 split of its shares next Monday.
On Thursday, Apple released a blockbuster earnings report. On Friday, Apple shares surged as much as 7%. Apple's market capitalization briefly overtook Saudi Aramco's on Friday, dethroning the oil giant as the most valuable company in the world. Apple's market value at $1.762 trillion. Apple's recent tear has sent shares up roughly 39% year-to-date. The company also on Thursday announced a 4-1 stock split, which it said would help it appeal to a broader range of investors.
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Business Insider reports that Jack Ma's Ant Group is looking to raise its funding target to $35 billion through its initial-public-offering. Ant is Alibaba's fintech arm and China's dominant mobile-payments service. Ant raised its valuation to $250 billion from $225 billion. Previously, the company expected to raise $30 billion. When Ant goes public, its listing will likely be the largest IPO in the world.
A local court in Gurugram summoned founder of Alibaba Group, Jack Ma over a former employee's complaint seeking a compensation of Rs 2 crore from the Chinese company. Lawyer Atul Ahlawat said, "My client Pushpandra Singh Parmar has filed a civil suit against Jack Ma, the Founder of Alibaba Group, for wrongful termination. He was working as an Associate Director with Alibaba's UC Web Mobile Company. He is seeking a compensation of Rs. 2 crore. The allegations which are contained in the civil suit are very serious and the allegations are of such nature if found true, gives greater importance and shows the modus operandi of the Chinese companies in India and while they're trying to push narrative of their country. They are harming public notion. There are more than 13 crore Indian users of UC browser as per claimed by the company and the fake news or misinformed public opinion is being circulated." He further said, "Gurugram District Court has issued summons to the defendants, including Jack Ma, the Founder of Alibaba Group. Summons are returnable for 29th July. Till date, we have not received any response from the defendants."
Tech giant Google has updated its latest version of Gmail, adding the option for it to become the default email option on iPhones. According to Mashable, the new option is in response to a change made by Apple to the new iOS 14, which dropped last week. At WWDC in June, Apple announced that users would be able to change their default web option from Apple's Safari browser and switch the Mail email service to non-Apple services. Until now, if the users opened a link, it would open in Safari. Or if one clicked on a person's email to send them a message, a new email would open in Mail. If a Gmail user wanted to send a person an email, the user would have to specifically open Gmail, compose a new message, and either copy and paste or type in their email. However, now, if one has made his/her default email client Gmail, and if he/she wants to go to a contact in the phone, they need to click on that person's email, which will lead to a new email addressed to that address will open in Gmail.
Former world heavyweight champion Anthony Joshua discusses his relationship with trainer Rob McCracken and what he learnt from his loss to Andy Ruiz Jr ahead of his trip to Saudi Arabia to fight to win..
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