Saudi Aramco aims for November 3 IPO launch
Saudi Arabia's state-owned oil giant, Saudi Aramco, will start trading shares on the country's stock exchange on 11 December this year, Saudi-owned television reported.
Aramco is looking to float a 1% to 2% stake on the kingdom's Tadawul market, in what would be one of the largest ever public offerings, worth upwards of $20bn.
Al Arabiya television, a Saudi-owned television station, said the IPO announcement will be on Sunday and the company will list on the Tadawul, the kingdom's stock market, on December 4.
The oil giant plans to announce the transaction's price on Nov. 17, it added. The company will begin trading on the local stock market, the Tadawul, on Dec. 11, the broadcaster reported.
The partial privatisation of the state oil company, which is the world's most profitable company, has been delayed several times since Crown Prince Mohammed bin Salman first announced his intention to sell up to 5% of the group in 2015.
However, the IPO has posed some serious questions over transparency and realistic valuations and the company has failed to convince investors of the multi-trillion dollar valuation.
After initially wanting to launch an IPO in 2019, Aramco chief executive Amin Nasser said in January this year that Aramco would be ready to float by 2021.
Saudi Aramco, the Tadawul and the Capital Market Authority, all declined to comment.
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