Saudi Government Spent $2.3B On Aramco’s IPO

Saudi Arabia’s government itself sank nearly US$2.3 billion in the record-beating initial public offering of the Kingdom’s oil giant Aramco, according to one of the lead managers of the deal, which was aimed at attracting fresh funds into the Saudi economic diversification. Saudi Arabia’s government institutions represented 13.2 percent of the institutional investors, according to lead manager Samba Capital, as quoted by Bloomberg. Institutional investors collectively took 1 percent of Saudi Aramco in the IPO, while another 0.5…