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 sale also points to efforts by the government to wean itself off its “oil addiction,” as Saudi de facto ruler Crown Prince Mohammed bin Salman once called it. The banks can increase the offering by a further roughly $1 billion. If all the shares are sold, the Saudi government will be cutting its stake in the world’s top oil exporter by 0.7 per cent.
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