Saudi Aramco initiates large-scale share sale to obtain approximately $12 billion.

• On Sunday morning, books were opened with a price range of 26.70 ($7.12) to 29 Saudi riyals per share. Aramco announced on Thursday that it plans to sell 1.545 billion shares, which represents a 0.64% stake.
• The sale could eventually reach up to $13.1 billion, which is at the upper end of the range, with the midpoint totaling approximately $11.5 billion.

On Sunday, Aramco began its secondary public offering with the goal of raising approximately $12 billion.

On Sunday morning, books were opened with a price range of 26.70 ($7.12) to 29 Saudi riyals per share. Aramco announced on Thursday that it plans to sell 1.545 billion shares, which is approximately 0.64% of its stake. At the midpoint of the price range, the sale would total around $11.5 billion but could potentially reach up to $13.1 billion.

On Sunday, Reuters reported that four additional banks were included in the share offering, namely Credit Suisse Saudi Arabia and BNP Paribas.

The second share sale by Aramco, following its first public offering in 2019, raised a record $29.4 billion, making it the largest IPO in history. Aramco is the world's largest oil company in terms of both daily crude production and market cap.

The current product launch coincides with a crucial moment for the kingdom, which has recorded six consecutive quarters of budget deficits in May, due to increased spending on large-scale projects and decreased oil revenues.

Despite a potential financial gain from another Aramco stock sale, economists indicate that it will not be sufficient to cover the expenses of Saudi Arabia's Vision 2030 diversification plans, which are estimated to cost over a trillion dollars, including large-scale projects such as new cities and the necessary infrastructure.

— CNBC's Ruxandra Iordache contributed to this report.