State oil giant Saudi Aramco said in a statement today that it will assign a bank to act as a stabilizing manager for the initial public offering (IPO).
“In order to allow the stabilizing manager to cover short positions resulting from any over-allotments, the selling shareholder will grant the manager an option, pursuant to which the manager may purchase an additional number of shares equal to up to 15 percent of the total number of shares sold in the offering,” the statement noted.
The over-allotment option will be exercisable in whole or in part upon notice by the stabilizing manager at any time during the period commencing on the date of the trading of the shares on Tadawul and ending 30 calendar days thereafter.
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