Social media platform reddit is all set to go public in the united states, over eighteen years after it went live. The social media company is likely to make its market debut in march. The initial public offering or IPO will be a major test for the platform, as it lags the commercial success of peers like Facebook & 'X'.

Social media firm Reddit likely to make its market debut in march

Shares in&nbsp;Krafton&nbsp;Inc, the Tencent Holdings-backed South Korean company behind blockbuster video game "PlayerUnknown's Battlegrounds" (PUBG), fell as much as 20 per cent on their trading debut on Tuesday.

Analysts attributed the share tumble of South Korea's second-largest IPO to an expensive valuation and China regulation risks, with gaming companies facing uncertain prospects after China regulators have come down hard on a number of industries, upending norms with new guidance and rules.

Also read |&nbsp;<a href="https://www.wionews.com/technology/pubg-mobile-india-in-hot-water-for-sharing-data-with-chinese-servers-393567">PUBG Mobile India in hot water for sharing data with Chinese servers</a>

Krafton&nbsp;shares opened down 9.9 per cent from their IPO price of 498,000 won, making it South Korea's lowest trading debut since LG Philips LCD, now LG Display, first went public in 2004, according to data from Refinitiv Eikon.

The stock closed down 8.8 per cent from the IPO price, valuing the company at about $19.32 billion.

"This was a classic case of the owners being a bit too greedy in their valuation assessment of the company. Although the IPO price range was lowered, it was not lowered enough," said Douglas Kim, an independent analyst, who publishes on Smartkarma.

Krafton&nbsp;derived 87 per cent of its revenue from Asia excluding South Korea in the January-March quarter, a large portion of which is estimated by analysts to come from sales in China handled by Tencent.

Also read |&nbsp;<a href="https://www.wionews.com/technology/pubg-battlegrounds-mobile-india-officially-launched-for-android-395353">Pubg Battlegrounds Mobile India officially launched for Android</a>

Krafton&nbsp;earns fees by providing technology services for "Peacekeeper Elite", a game similar to "PUBG Mobile" that Tencent distributes and is usually among China's top two grossing games, it said in an IPO filing.

"About 70 per cent (of sales) appear to be from Tencent," LightStream Research analyst Mio Kato, who publishes on Smartkarma, told Reuters.

"China has already made noises about (Tencent's) 'Honor of Kings' ... If they also request changes for 'Peacekeeper Elite' that would be a negative and could be a very large negative."

Shares in Tencent and global gaming companies with China exposure such as Activision Blizzard tumbled last week after the Economic Information Daily, which is affiliated with the official Xinhua Agency, called online gaming "spiritual opium".

Tencent quickly said it would further curb minors' access to its flagship video game "Honor of Kings".

Still,&nbsp;Krafton&nbsp;raised $3.75 billion in South Korea's second-largest IPO after Samsung Life Insurance's float in 2010, even after the firm cut its fund-raising target by a quarter after regulators ordered it to revise its filings.

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Based on market capitalisation,&nbsp;Krafton&nbsp;was benchmark KOSPI's 19th biggest stock on Tuesday, excluding preferred shares.

Some 65 per cent of the IPO proceeds will go to&nbsp;Krafton, which plans to use the bulk of the funds to acquire other gaming companies. The remainder went to shareholders cashing out their investments.

More large offerings are in the pipeline in what is shaping up to be a bumper year for South Korean stock market floats, including EV battery maker LG Energy Solution and payments firm Kakao Pay, which is backed by China's Ant Financial.

($1 = 1,148.9900 won)

Shares in Krafton Inc, the Tencent Holdings-backed South Korean company behind blockbuster video game "PlayerUnknown's Battlegrounds" (PUBG), fell as much as 20 per cent on their trading debut on Tuesday.

Shares in Krafton Inc, the Tencent Holdings-backed South Korean company behind blockbuster video game "PlayerUnknown's Battlegrounds" (PUBG), fell as much as 20 per cent on their trading debut on Tuesday. Analysts attributed the share tumble of South Korea's second-largest IPO to an expensive valuation and China regulation risks, with gaming companies facing uncertain prospects after China regulators have come down hard on a number of industries, upending norms with new guidance and rules. Also read | PUBG Mobile India in hot water for sharing data with Chinese servers Krafton shares opened down 9.9 per cent from their IPO price of 498,000 won, making it South Korea's lowest trading debut since LG Philips LCD, now LG Display, first went public in 2004, according to data from Refinitiv Eikon. The stock closed down 8.8 per cent from the IPO price, valuing the company at about $19.32 billion. "This was a classic case of the owners being a bit too greedy in their valuation assessment of the company. Although the IPO price range was lowered, it was not lowered enough," said Douglas Kim, an independent analyst, who publishes on Smartkarma. Krafton derived 87 per cent of its revenue from Asia excluding South Korea in the January-March quarter, a large portion of which is estimated by analysts to come from sales in China handled by Tencent. Also read | Pubg Battlegrounds Mobile India officially launched for Android Krafton earns fees by providing technology services for "Peacekeeper Elite", a game similar to "PUBG Mobile" that Tencent distributes and is usually among China's top two grossing games, it said in an IPO filing. "About 70 per cent (of sales) appear to be from Tencent," LightStream Research analyst Mio Kato, who publishes on Smartkarma, told Reuters. "China has already made noises about (Tencent's) 'Honor of Kings' ... If they also request changes for 'Peacekeeper Elite' that would be a negative and could be a very large negative." Shares in Tencent and global gaming companies with China exposure such as Activision Blizzard tumbled last week after the Economic Information Daily, which is affiliated with the official Xinhua Agency, called online gaming "spiritual opium". Tencent quickly said it would further curb minors' access to its flagship video game "Honor of Kings". Still, Krafton raised $3.75 billion in South Korea's second-largest IPO after Samsung Life Insurance's float in 2010, even after the firm cut its fund-raising target by a quarter after regulators ordered it to revise its filings. Based on market capitalisation, Krafton was benchmark KOSPI's 19th biggest stock on Tuesday, excluding preferred shares. Some 65 per cent of the IPO proceeds will go to Krafton, which plans to use the bulk of the funds to acquire other gaming companies. The remainder went to shareholders cashing out their investments. More large offerings are in the pipeline in what is shaping up to be a bumper year for South Korean stock market floats, including EV battery maker LG Energy Solution and payments firm Kakao Pay, which is backed by China's Ant Financial. ($1 = 1,148.9900 won)

South Korea's Krafton, maker of hit game 'PUBG', tumbles on stock market debut

State-owned oil company&nbsp;<a href="https://www.wionews.com/business-economy/gulf-markets-plunge-on-us-iran-tensions-kuwait-lead-fall-272251">Saudi&nbsp;Aramco</a>&nbsp;said on Sunday it has exercised its "greenshoe&nbsp;option" to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a&nbsp;record&nbsp;$29.4&nbsp;billion.

Aramco&nbsp;initially raised a then-record&nbsp;$25.6&nbsp;billion&nbsp;in its&nbsp;IPO&nbsp;in December by selling 3&nbsp;billion&nbsp;shares at 32 riyals ($8.53) but indicated it may sell additional shares&nbsp;through&nbsp;the over-allotment of shares.

A&nbsp;greenshoe&nbsp;option, or over-allotment, allows companies to issue more shares in an&nbsp;IPO&nbsp;when there is greater demand from participants during the initial offering.

Investors were allocated the additional shares for the&nbsp;option&nbsp;during the book-building process,&nbsp;Aramco&nbsp;said.

Aramco&nbsp;said "no additional shares are being offered into the market today and the stabilising manager will not hold any shares in the company as a result of exercise of the over-allotment&nbsp;option."

Aramco&nbsp;shares have been volatile recently because of geopolitical concerns as tensions between the United States and Iran rose after President <a href="https://www.wionews.com/world/trump-warns-iran-against-massacre-as-protests-erupt-over-downing-of-ukrainian-airplane-273670">Donald Trump</a> ordered a drone strike that killed a top <a href="https://www.wionews.com/world/thousands-of-iraqis-rally-against-government-iran-and-us-273470">Iranian commander</a> and raised fears of war.

Shares of&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">Aramco</a>&nbsp;fell to 34 riyals on Jan. 8, its lowest since the stock began trading on December&nbsp;11, but closed at 35 riyals on Thursday.

Thursday's closing price valued&nbsp;Aramco&nbsp;at $1.87 trillion, above the&nbsp;IPO&nbsp;price, which valued the company at $1.7 trillion, but below Crown Prince <a href="https://www.wionews.com/business-economy/saudi-kuwait-signed-an-agreement-to-resume-joint-oil-output-270025">Mohammed bin Salman's</a> coveted $2 trillion target.

State-owned oil company Saudi Aramco said on Sunday it has exercised its "greenshoe option" to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.

State-owned oil company Saudi Aramco said on Sunday it has exercised its "greenshoe option" to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.4 billion. Aramco initially raised a then-record $25.6 billion in its IPO in December by selling 3 billion shares at 32 riyals ($8.53) but indicated it may sell additional shares through the over-allotment of shares. A greenshoe option, or over-allotment, allows companies to issue more shares in an IPO when there is greater demand from participants during the initial offering. Investors were allocated the additional shares for the option during the book-building process, Aramco said. Aramco said "no additional shares are being offered into the market today and the stabilising manager will not hold any shares in the company as a result of exercise of the over-allotment option." Aramco shares have been volatile recently because of geopolitical concerns as tensions between the United States and Iran rose after President Donald Trump ordered a drone strike that killed a top Iranian commander and raised fears of war. Shares of Aramco fell to 34 riyals on Jan. 8, its lowest since the stock began trading on December 11, but closed at 35 riyals on Thursday. Thursday's closing price valued Aramco at $1.87 trillion, above the IPO price, which valued the company at $1.7 trillion, but below Crown Prince Mohammed bin Salman's coveted $2 trillion target.

Saudi Aramco raises IPO to record $29.4 billion through greenshoe option

<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a> and its allies led by Russia were moving closer on Thursday to agree to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday.

OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world's biggest producer.

Next year, rising production in the United States and other non-OPEC countries such as Brazil and Norway threaten to add to the glut.

OPEC's actions in the past have angered US&nbsp;President Donald Trump, who has repeatedly demanded OPEC's de facto leader Saudi Arabia to bring oil prices down if it wants Washington's to provide Riyadh with military support against arch-rival Iran.

In the past few months, Trump has said little about OPEC but that might change later in 2020 if oil and gasoline prices rise a politically sensitive issue as he seeks re-election in November.

Washington's ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020.

Two OPEC+ sources told Reuters on Thursday the group would discuss increasing current cuts of 1.2 million barrels per day by more than 400,000 BPD.

Iraq, OPEC's second-largest producer, said on Tuesday OPEC de facto leader Saudi Arabia was supporting cuts of 1.6 million BPD, or 1.6 per cent&nbsp;of global demand.

The current cuts expire in March and OPEC sources and delegates have said the new deal could be extended to June or until the end of 2020.

Saudi Energy Minister Prince Abdulaziz bin Salman has so far declined to comment on policy matters in Vienna.

Russian Energy Minister Alexander Novak was cited by his ministry as telling Prince Abdulaziz on Thursday that Russia-Saudi energy cooperation should continue.

Saudi Arabia needs higher oil prices to support its budget revenue and the pending initial public offering (IPO) of state-owned oil giant Saudi Aramco with the pricing of the IPO expected on Thursday.

OPEC's actions have supported oil prices at around $50-$75 per barrel over the past year. Brent crude futures on Thursday were trading near $63 per barrel.

OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 BPD.

Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 BPD as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures.

A source familiar with the Russian thinking told Reuters that Moscow would likely reach a deal with OPEC this week and just needed to iron out a few outstanding issues.

One sticking point for Russia is how its output is measured. Russia includes gas condensate in production figures, while other producers do not.

OPEC and its allies led by Russia were moving closer on Thursday to agree to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said.

OPEC and its allies led by Russia were moving closer on Thursday to agree to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday. OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world's biggest producer. Next year, rising production in the United States and other non-OPEC countries such as Brazil and Norway threaten to add to the glut. OPEC's actions in the past have angered US President Donald Trump, who has repeatedly demanded OPEC's de facto leader Saudi Arabia to bring oil prices down if it wants Washington's to provide Riyadh with military support against arch-rival Iran. In the past few months, Trump has said little about OPEC but that might change later in 2020 if oil and gasoline prices rise a politically sensitive issue as he seeks re-election in November. Washington's ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020. Two OPEC+ sources told Reuters on Thursday the group would discuss increasing current cuts of 1.2 million barrels per day by more than 400,000 BPD. Iraq, OPEC's second-largest producer, said on Tuesday OPEC de facto leader Saudi Arabia was supporting cuts of 1.6 million BPD, or 1.6 per cent of global demand. The current cuts expire in March and OPEC sources and delegates have said the new deal could be extended to June or until the end of 2020. Saudi Energy Minister Prince Abdulaziz bin Salman has so far declined to comment on policy matters in Vienna. Russian Energy Minister Alexander Novak was cited by his ministry as telling Prince Abdulaziz on Thursday that Russia-Saudi energy cooperation should continue. Saudi Arabia needs higher oil prices to support its budget revenue and the pending initial public offering (IPO) of state-owned oil giant Saudi Aramco with the pricing of the IPO expected on Thursday. OPEC's actions have supported oil prices at around $50-$75 per barrel over the past year. Brent crude futures on Thursday were trading near $63 per barrel. OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 BPD. Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 BPD as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures. A source familiar with the Russian thinking told Reuters that Moscow would likely reach a deal with OPEC this week and just needed to iron out a few outstanding issues. One sticking point for Russia is how its output is measured. Russia includes gas condensate in production figures, while other producers do not.

OPEC and allies prepare to deepen oil output cuts

<a href="https://www.wionews.com/business-economy/saudi-aramco-will-not-market-ipo-in-the-united-states-report-262694">Saudi Aramco</a> — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest <a href="https://www.wionews.com/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">initial public offering</a>.

Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc.&nbsp;

However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016.

Watch: WION travels to Saudi Aramco's Khurais &amp; Abqaiq facilities

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Aramco will sell just 1.5% of its shares on the local stock exchange.

The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014.

Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers.

The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list.

This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month.

Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience.

It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels.

The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom.

The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate.

Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies.

No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering. Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc. However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016. Watch: WION travels to Saudi Aramco's Khurais & Abqaiq facilities × Aramco will sell just 1.5% of its shares on the local stock exchange. The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014. Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers. The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list. This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month. Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience. It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels. The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom. The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate. Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies. No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

World's biggest initial public offering: Saudi Aramco seeks $1.71 trillion in valuation

The Indian arm of US-based Burger King filed for a local initial public offering (IPO) to raise up to 4 billion rupees ($56.6 million) on Monday, as it looks to open more restaurants in a country where international fast-food brands are gaining in popularity.

The Whopper Burger maker, which launched its first restaurant in India in 2014, competes directly with market leader McDonald's Corp and other restaurant chains such as Domino's Pizza.

Burger King India Ltd plans to have 325 stores by December 31, 2020, up from 202 as of June. McDonald's had 470 at last count, according to data by consulting firm Technopak Advisors.

In the year ended March 2019, Burger King India's revenue from operations had risen 67 per cent&nbsp;to 6.33 billion rupees.

Its loss narrowed to 382.8 million rupees in the same period from 822.3 million rupees a year earlier.

"Burger King is going with a national franchise instead of regional ones, and that gives them more control and potentially better growth," Technopak Chairman Arvind Singhal said.

The company plans to use 2.9 billion rupees of the money raised to open new restaurants, according to the company's IPO papers.

The issue includes an offer for sale of up to 60 million equity shares by QSR Asia PTE, which owns 99 per cent&nbsp;of the Indian entity. The company did not disclose pricing details.

Private equity firm Everstone Capital, which operates Burger King India, is considering a private placement of shares worth 1.5 billion rupees ahead of the IPO, according to the draft red herring prospectus.

The company will look to list with the Bombay Stock Exchange as well as the National Stock Exchange.

Kotak Mahindra Capital, CLSA India, Edelweiss Financial Services and JM Financial are lead managers of the IPO.

The Indian arm of US-based Burger King filed for a local initial public offering (IPO) to raise up to 4 billion rupees ($56.6 million) on Monday, as it looks to open more restaurants in a country where international fast-food brands are gaining in popularity.

The Indian arm of US-based Burger King filed for a local initial public offering (IPO) to raise up to 4 billion rupees ($56.6 million) on Monday, as it looks to open more restaurants in a country where international fast-food brands are gaining in popularity. The Whopper Burger maker, which launched its first restaurant in India in 2014, competes directly with market leader McDonald's Corp and other restaurant chains such as Domino's Pizza. Burger King India Ltd plans to have 325 stores by December 31, 2020, up from 202 as of June. McDonald's had 470 at last count, according to data by consulting firm Technopak Advisors. In the year ended March 2019, Burger King India's revenue from operations had risen 67 per cent to 6.33 billion rupees. Its loss narrowed to 382.8 million rupees in the same period from 822.3 million rupees a year earlier. "Burger King is going with a national franchise instead of regional ones, and that gives them more control and potentially better growth," Technopak Chairman Arvind Singhal said. The company plans to use 2.9 billion rupees of the money raised to open new restaurants, according to the company's IPO papers. The issue includes an offer for sale of up to 60 million equity shares by QSR Asia PTE, which owns 99 per cent of the Indian entity. The company did not disclose pricing details. Private equity firm Everstone Capital, which operates Burger King India, is considering a private placement of shares worth 1.5 billion rupees ahead of the IPO, according to the draft red herring prospectus. The company will look to list with the Bombay Stock Exchange as well as the National Stock Exchange. Kotak Mahindra Capital, CLSA India, Edelweiss Financial Services and JM Financial are lead managers of the IPO.

Burger King's India unit looks to raise 4 billion rupees in Initial Public Offering

State-run Saudi Aramco, the world's top oil company, said on Sunday it has appointed five new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.

The appointments come as the Saudi government plans to float around 5 per cent of Aramco in an initial public offering (IPO) later this year or early 2019.

Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement.&nbsp

They are joined by Lynn Laverty Elsenhans, the former chairwoman, president and CEO of US&nbspoil refiner Sunoco Inc&nbspfrom 2008 to 2012.

Elsenhans was named by Forbes as one of the world`s most powerful women in 2008. Prior to her role at Sunoco, Elsenhans was the executive vice president of global manufacturing for Royal Dutch Shell, where she worked for more than 28 years.

She also served on Baker Hughes's board of directors from 2012 to July 2017 and sits on the board of GlaxoSmithKline.&nbsp

The five new members of Aramco's board will join six returning members including Saudi Energy Minister Khalid al-Falih, who is also Aramco's chairman, and Amin Nasser, Aramco's chief executive.

Appointments to the 11-member board of directors are made by the Saudi cabinet.

The outgoing board members are Majid Al-Moneef, advisor to the Saudi Royal Court Khaled al-Sultan, Rector of King Fahd University of Petroleum and Minerals and Peter Woicke, former managing director of the World Bank and former vice president of the International Finance Corporation

The appointments come as the Saudi government plans to float around 5 per cent of Aramco in an initial public offering (IPO) later this year or early 2019

State-run Saudi Aramco, the world's top oil company, said on Sunday it has appointed five new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives. The appointments come as the Saudi government plans to float around 5 per cent of Aramco in an initial public offering (IPO) later this year or early 2019. Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement. They are joined by Lynn Laverty Elsenhans, the former chairwoman, president and CEO of US&nbspoil refiner Sunoco Inc&nbspfrom 2008 to 2012. Elsenhans was named by Forbes as one of the world`s most powerful women in 2008. Prior to her role at Sunoco, Elsenhans was the executive vice president of global manufacturing for Royal Dutch Shell, where she worked for more than 28 years. She also served on Baker Hughes's board of directors from 2012 to July 2017 and sits on the board of GlaxoSmithKline. The five new members of Aramco's board will join six returning members including Saudi Energy Minister Khalid al-Falih, who is also Aramco's chairman, and Amin Nasser, Aramco's chief executive. Appointments to the 11-member board of directors are made by the Saudi cabinet. The outgoing board members are Majid Al-Moneef, advisor to the Saudi Royal Court Khaled al-Sultan, Rector of King Fahd University of Petroleum and Minerals and Peter Woicke, former managing director of the World Bank and former vice president of the International Finance Corporation

Saudi Aramco appoints first woman to the board

Japanese messaging app operator Line Corporation&nbsp;plans to list shares worth as much as $1.05 billion in Tokyo and New York next month&nbsp;in what would be Japan&#39;s biggest initial public offering (IPO) this year.

The Tokyo-based firm&nbsp;will sell 13 million new shares in Japan and 22 million shares overseas for an indicative price of 2,800 Yen each.

That will value the entire company at 588 billion Yen ($5.5 billion).

Line is currently 100 per cent owned by South Korea&#39;s largest web portal operator, Naver Corp, which may offer as many as 5.25 million existing shares in the event of excessive demand.

Altogether, as many as 40.25 million shares will be sold, valuing the IPO at as much as 112.7 billion Yen.

Line said it plans to use the proceeds for strategic investments, including global mergers and acquisitions, and to repay debt.

Line launched its messaging app in 2011 under the name NHN Japan as a communication tool prompted by the chaotic aftermath of a devastating earthquake and tsunami in March that year. It rebranded to Line in 2013.

Its IPO would be the largest in Japan since the $12 billion partial privatisation of Japan Post and its bank and insurance divisions in November.

Line has hired Morgan Stanley, Goldman Sachs, JPMorgan and Nomura to manage the IPO.

The South-Korean owned company's move will be Japan's largest IPO this year

Japanese messaging app operator Line Corporation plans to list shares worth as much as $1.05 billion in Tokyo and New York next month in what would be Japan's biggest initial public offering (IPO) this year. The Tokyo-based firm will sell 13 million new shares in Japan and 22 million shares overseas for an indicative price of 2,800 Yen each. That will value the entire company at 588 billion Yen ($5.5 billion). Line is currently 100 per cent owned by South Korea's largest web portal operator, Naver Corp, which may offer as many as 5.25 million existing shares in the event of excessive demand. Altogether, as many as 40.25 million shares will be sold, valuing the IPO at as much as 112.7 billion Yen. Line said it plans to use the proceeds for strategic investments, including global mergers and acquisitions, and to repay debt. Line launched its messaging app in 2011 under the name NHN Japan as a communication tool prompted by the chaotic aftermath of a devastating earthquake and tsunami in March that year. It rebranded to Line in 2013. Its IPO would be the largest in Japan since the $12 billion partial privatisation of Japan Post and its bank and insurance divisions in November. Line has hired Morgan Stanley, Goldman Sachs, JPMorgan and Nomura to manage the IPO.

Japanese messaging app Line to list shares for $1.05 billion