Aramco IPO could kick-off as early as November
The state-owned oil company could sell up to 2% of its shares via an IPO on Saudi Arabia’s domestic exchange as early as November, according to a report by the Wall Street Journal.
Saudi Aramco is pushing ahead with its initial public offering (IPO), despite its facilities being attacked by a drone strike in September, with the listing potentially coming as early as November, according to a report by the Wall Street Journal.
The state-owned oil company could sell up to 2% of its shares on Tadawul, Saudi Arabia’s domestic stock exchange, according to the report.
Learn how to trade the Saudi Aramco IPO with IG
Aramco to release IPO prospectus in October
Aramco is reportedly set to release its IPO prospectus in Arabic as early as October 25, with an English version provided two days later, sources told the Wall Street Journal.
The news is a welcome surprise for investors, with Saudi officials hinting that the IPO could be delayed until next year following drone strikes that weakened its infrastructure and led to a hike in oil prices due to supply fears.
Saudi Aramco’s CEO Amin Nasser has said that oil production capacity will return to normal by the end of November and will not impact the IPO.
Saudi Aramco IPO targeting $2 trillion valuation
Saudi Arabia’s Crown prince Mohammed bin Salman is hoping to raise $2 trillion from the Aramco listing – making it the world’s largest IPO.
The plan is to list a 5% of the state-owned oil company over two phases, with the first offered to investors through domestic markets and the second listing available internationally.
Thinking about trading oil stocks? Open a demo or live account with IG
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
- Forex
- Shares
- Indices