Saudi Aramco IPO to start on November 17 in what could be the world’s largest listing
- While the Saudi government has not disclosed the size of the IPO, retail investors will be offered 0.5 per cent of the state-owned company’s shares
- Prospectus highlights risks of possible terrorists attacks as well as the right of the Saudi government to decide maximum crude output
Saudi state oil giant Aramco will sell 0.5 per cent of its shares to individual retail investors and the government will have a lock-up period of a year on further share sales after the initial public offering, its prospectus said on Saturday.
The more than 600-page prospectus did not include details of how much of the company would be floated in total or of any commitments from anchor investors.
Sources have said the company could sell 1-2 per cent on the Saudi stock market in what could be the world’s largest listing.
Offering for the shares will begin on November 17, the prospectus said.
Aramco fired the starting gun on the IPO on November 3 after a series of false starts. Crown Prince Mohammed bin Salman is seeking to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries.
