Saudi Arabia to let foreign institutions buy shares in IPOs
Saudi Arabia will permit foreign institutional investors to buy shares directly in initial public offers, a move that could help the government sell billions of dollars' worth of stakes in state companies including oil giant Saudi Aramco. New rules published by the Capital Market Authority on Thursday, taking effect at the start of next year, list qualified foreign investors amongst the types of institution allowed to bid in the book-building process which underwriters use to price and allocate shares in IPOs. (Reuters)
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