Saudi state oil company Saudi Aramco wants to continue its IPO. The group will officially kick off on November 3, insiders reported to Reuters news agency. Normally investors receive a detailed prospectus within a few weeks after the kick-off with the prices at which they can subscribe.
According to television channel Al Arabiya, investors can report their interest from December 4. Saudi Aramco will be listed on the stock exchange on 11 December, according to the channel. The state oil company did not yet want to respond to the rumors.
The kick-off of the IPO was scheduled earlier this month but was postponed. This was due to the drone attack on several of the company’s oil installations in September. Saudi Aramco wanted to take the time to discuss the consequences of the attack with investors. The state investment fund of Kuwait is considering investing in Saudi Aramco, said director Farouk Bastaki. That would be an exception because the fund often avoids investments in oil companies.
Saudi Aramco is reportedly planning to bring 1 to 2 percent of the shares to the Riyadh stock exchange and wants to add an international listing later. The valuation of Saudi Aramco should amount to approximately 2000 billion dollars, making the group immediately the most valuable listed company in the world.