Aramco Is Set to Formally Announce Listing Plan Next Month
- Oil giant could list on Saudi exchange as soon as November
- Saudi oil capacity recovering faster than expected from attack
Employees stand near tanks at Saudi Aramco's Abqaiq crude oil processing plant following a drone attack in Abqaiq, on Sept. 20.
Photographer: Faisal Al Nasser/BloombergThis article is for subscribers only.
Saudi Aramco will kick off its much-anticipated initial public offering next month as the oil giant recovers faster than expected from an attack on the heart of its oil infrastructure.
The state-run company plans to announce its intention to float around Oct. 20, according to people with knowledge of the matter. The firm, which is holding analyst meetings from Wednesday, is targeting a valuation of at least $2 trillion -- more than double that of Apple Inc.