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Initial public offering for Saudi Aramco in December

aramco, ipo, initial public offering, december, business, energy

Riyadh - Saudi Crown Prince hopes Aramco will draw a $2 trillion evaluation.



By AP

Published: Tue 29 Oct 2019, 11:05 AM

Last updated: Tue 29 Oct 2019, 1:13 PM

The long-planned initial public offering of a sliver of Saudi Arabia's state-owned oil giant Saudi Aramco will begin this December, a Saudi-owned satellite channel reported on Tuesday, at the start of the kingdom's marquee investment forum.
Saudi Crown Prince Mohammed bin Salman hopes Aramco will draw a $2 trillion evaluation, which would raise $100 billion needed to fund his ambitious development plans for the kingdom.
Stagnant global energy prices and a September 14 attack on the heart of Aramco already spooked some. 
The report by Al-Arabiya did not elaborate and cited anonymous sources for the information. 
The channel's English arm elaborated, saying that a final price for the stock will be set December 4, with shares then beginning to be traded on the Riyadh-based Tadawul stock market on December 11. It added that the Saudi Capital Markets Authority will make a formal announcement about the IPO plans on Sunday.
"The Aramco IPO is a cornerstone of Saudi Arabia's Vision 2030 plan, which aims to wean the kingdom off its reliance on oil to diversify the economy," the channel said in its report.


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