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Aramco shares to start trading Dec. 11

Saudi Arabian Oil Co.'s shares will start trading on the Saudi stock exchange Tadawul Dec. 11 under the symbol 2222, the exchange said on its website.

On the first day of trading, the opening auction for Aramco shares will be extended for 30 minutes, Tadawul said.

Aramco priced its initial public offering at 32 riyals, or about $8.53, per share, at the top of its expected price range.

The listing values the company at $1.71 trillion, lower than the earlier $2 trillion target valuation set by Saudi Crown Prince Mohammed bin Salman.

The company raised $25.6 billion from the 1.5% offering of its share capital.

Another 15% overallotment, or greenshoe option, for shares would hike the final IPO value to $29.4 billion, Aramco said.

Aramco will not list new shares for six months after the start of trading on the local exchange, according to the prospectus. The Saudi Arabian government may sell shares to foreign governments 12 months after the listing, Aramco said.

As of Dec. 5, US$1 was equivalent to 3.75 Saudi riyals.