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Saudi Aramco Aims to Begin IPO in November

Saudi Aramco Aims to Begin IPO in November

Tuesday, 29 October, 2019 - 09:30
The Saudi Aramco logo pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. (Reuters)

Saudi Aramco aims to announce the start of its initial public offering (IPO) on November 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors.

Aramco will start subscription for investors in its initial public offering on December 4, Al-Arabiya news channel said in a news flash on Tuesday citing sources.

The oil giant plans to announce the transaction’s price on November 17, it added. The company will begin trading on the local stock market, the Tadawul, on December 11, the broadcaster reported.

Aramco, in response to queries by Reuters, said on Tuesday the oil company “does not comment on rumor or speculation. The company continues to engage with the shareholders on IPO readiness activities. The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”

The company will soon have more shareholders from institutions, the head of the Saudi Public Investment Fund, Yassir al-Rumayyan, said.

Al-Rumayyan, also chairman of Aramco’s board of directors, was speaking at a panel at the Future Investment Initiative that kicked off in Riyadh on Tuesday.

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