Saudi Aramco plans November 3 IPO launch
Long-awaited listing has been delayed several times amid valuation stand-off
Saudi Aramco is to launch it much-anticipated initial public offering on November 3, Saudi-owned television reported.
The partial privatisation of the state oil company, which is the world’s most profitable company, has been delayed several times since Crown Prince Mohammed bin Salman first announced his intention to sell up to 5 per cent of the firm in 2015.
The main sticking point has been the heir apparent’s desire for the company to achieve a $2tn valuation, while bankers say $1tn to $1.5tn is more realistic.
But Al Arabiya television, a Saudi-owned television station, said the IPO announcement will be on Sunday and the company will list on the Tadawul, the kingdom’s stock market, on December 4.
Aramco, the Tadawul and the Capital Market Authority, declined to comment.