Saudi Aramco IPO will start on November 17
The world's biggest oil producer announced last Sunday that it plans to float its shares on the Saudi Stock Exchange — known as the Tadawul — in December.Aramco President and CEO Amin Nasser told CNBC last week that the company's public debut will help diversify the kingdom's economy.
Signage of Saudi Aramco's initial public offering is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019.Saudi Aramco will allocate up to 0.5% of shares to individual investors in what could be the largest initial public offering in history, a process that will begin on November 17 and close on December 4.
The oil company released its prospectus on Saturday offering details about its initial public offering. Analysts' valuations of the company have varied from between $1.2 trillion to $2.3 trillion. In comparison, Aramco U.S. rival Exxon Mobil has a market cap of nearly $300 billion and Chevron is valued at about $229 billion.
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