The world’s largest oil company, Saudi Aramco has taken another step on Saturday on its huge path to a listing on stock market as it said that it is going to announce its shares’ final price on the 5th of December as the trading is expected to begin in the middle of December.
The prospectus of the company which was 658 pages long had been released one week post Aramco formally announcing its plans of selling shares on the local stock exchange of Saudi which is known as Tadawul.
Aramco’s initial public offering might end up being the largest ever as Aramco is among the most profitable companies of the world. The IPO is expected to exceed the amount of close to $22 billion which had been raised by the e-commerce giant from China, Alibaba in the year 2014. However it might still fall short of expectations which had been raised by the Crown Prince when he had first announced the plans for offering over three years ago.
The document had not specified the exact percentage which the company is going to sell. It did say that up to 0.5% of shares of the company are going to be set aside for individual investors, the determination of the percentage for the institutional investors which is going to include the oil companies from China as well as other countries is going to determine on the possibility of the prince striking a deal with them.
The prince had initially said that the company is going to be valued at nearly $2 trillion however this was met with scepticism from analysts about the valuation who think the valuation is going to be near the $1.2 to $1.5 trillion range.