DUBAI: Saudi Arabia’s state oil company kick-started its initial publicoffering (IPO) on Sunday, announcing its intention to list on the domesticbourse as the kingdom seeks to diversify and create the world’s mostvaluable listed company.
Aramco did not give a time frame or say how much of the company it wouldsell, but sources have told Reuters the oil company could offer 1%-2% ofits shares on the local bourse, raising as much $20 billion-$40 billion.
Aramco said the IPO would be split into two tranches: one each forinstitutional and individual investors. The percentage of shares to be soldand the purchase price would be determined after the book-building period,it added in a statement.
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Confirmation of the share sale in Saudi Arabian Oil Co, or Aramco, as theoil giant is usually known, comes about seven weeks after crippling attackson its oil facilities, underlining Saudi Arabia’s determination to push onwith the listing regardless.
