(FE)
Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history.
Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world’s most profitable company, seen as the kingdom’s crown jewel. In its newly released 658-page prospectus, Aramco said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.
The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later. “The targeted percentage of Offer Shares allocable to individual investors will be up to 0.5 per cent of the shares,” the prospectus said.
