|10 October, 2019

Saudi Aramco IPO prospectus to be filed this month - report

A decision on whether to go ahead would likely be made after the book-building, the report said

Aramco headquarters is seen in Dhahran, Saudi Arabia May 23, 2018.

Aramco headquarters is seen in Dhahran, Saudi Arabia May 23, 2018.

REUTERS/Ahmed Jadallah

Saudi Aramco is expected to publish a prospectus for the initial public offering (IPO) before end of this month, the Wall Street Journal reported.

The prospectus will be published in Arabic on October 25 and in English two days later and this will be followed by a book-building process in November during which the oil giant will test interest in the company’s shares, the Journal reported citing a document outlining the timeline, as seen by the financial paper.

A decision on whether to go ahead would likely be made after the book-building, the paper said.

The attacks on the state oil giant’s installations last month would have no impact on its stock market listing plans, Saudi Aramco's CEO, Amin Nasser said at the Oil & Money conference in London on Wednesday.

A dual listing of Aramco's shares is expected - through floats on Tadawul and one international exchange.

According to Reuters, Aramco is seeking a $2 trillion valuation and has approached wealth funds including Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC to invest in the domestic leg of the listing.

The response of investors during the roadshow will inform the final offer price of the shares and whether the current sole shareholder—the Kingdom of Saudi Arabia—decides to move forward with listing 1 percent to 2 percent of the company domestically, the Wall Street Journal report said.

(Writing by Seban Scaria seban.scaria@refinitiv.com, edited by Anoop Menon)

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