Aramco IPO could kick-off as early as November

The state-owned oil company could sell up to 2% of its shares via an IPO on Saudi Arabia’s domestic exchange as early as November, according to a report by the Wall Street Journal.

Saudi Aramco is pushing ahead with its initial public offering (IPO), despite its facilities being attacked by a drone strike in September, with the listing potentially coming as early as November, according to a report by the Wall Street Journal.

The state-owned oil company could sell up to 2% of its shares on Tadawul, Saudi Arabia’s domestic stock exchange, according to the report.

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Aramco to release IPO prospectus in October

Aramco is reportedly set to release its IPO prospectus in Arabic as early as October 25, with an English version provided two days later, sources told the Wall Street Journal.

The news is a welcome surprise for investors, with Saudi officials hinting that the IPO could be delayed until next year following drone strikes that weakened its infrastructure and led to a hike in oil prices due to supply fears.

Saudi Aramco’s CEO Amin Nasser has said that oil production capacity will return to normal by the end of November and will not impact the IPO.

Saudi Aramco IPO targeting $2 trillion valuation

Saudi Arabia’s Crown prince Mohammed bin Salman is hoping to raise $2 trillion from the Aramco listing – making it the world’s largest IPO.

The plan is to list a 5% of the state-owned oil company over two phases, with the first offered to investors through domestic markets and the second listing available internationally.

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