Saudi Aramco announces intention to proceed with domestic IPO

Saudi Aramco on Sunday announced its intention to proceed with its initial public offering (IPO) on the domestic bourse.

Saudi Arabia’s Capital Market Authority approved the oil and gas giant’s application for the domestic listing on 3 November, state-owned Saudi Aramco said in a filing on the Saudi bourse, Tadawul.

“The government intends to sell a portion of its shares in Saudi Aramco,” the company said.

Specific details on the numbers of shares to be sold, pricing or the date for the launch of the IPO were not provided.

Saudi Aramco said that it will determine the IPO launch date after registering interest from investors.

According to media reports in late October, Saudi Aramco’s share price could be set on 17 November; with share subscription to start on 4 December; and with actual trading on Tadawul expected to begin on 11 December.