⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Aramco to Make First Public Offering in Saudi Arabia in December  

Published 11/04/2019, 12:46 AM
Updated 11/04/2019, 12:47 AM
© Reuters.

Investing.com - Saudi Aramco, the world’s biggest integrated oil and gas company, announced on the weekend that a listing in Saudi Arabia will happen in December this year.

The kingdom’s authorities approved the listing on Sunday, although details about the size and pricing of the IPO were not provided.

Aramco said in a statement that “the final offer price, number of shares to be sold and percentage of the shares to be sold will be determined at the end of the book-building period.”

The IPO prospectus will be released on November 9, according to the company’s president and chief executive Amin Nasser.

Earlier reports suggested that the kingdom will list 1-2% of Aramco on its local stock exchange, raising as much as $20 billion to $40 billion, and an extra 3% on an international exchange at later date.

A deal over $25 billion would top the record-breaking one of Alibaba (NYSE:BABA) in 2014.

New York, London, Hong Kong and Tokyo were cited as potential destinations for the international listing.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.