Aramco's Record IPO Starts November 17; Offer Size Pending
- Oil giant doesn’t disclose the number shares it plans to sell
- IPO is key to Saudi Arabia’s plan to diversify its economy
This article is for subscribers only.
Saudi Aramco will allow investors to start bidding for shares in the world’s most-profitable company from Nov. 17. It left potential buyers in the dark about the size of the stake it plans to sell and the pricing range.
The Saudi stock exchange rules prohibits the oil giant from listing additional shares for six months after the start of trading, according to its more than 650-page prospectus. Also, the Saudi government, the company’s sole owner, won’t offer any additional shares during the 12-month period after listing, but retains the right to sell to foreign governments or investors affiliated with foreign governments.