Saudi Aramco IPO Prospectus Out – Trading Could Begin Dec 11
It could be a very green Christmas season for the Kingdom of Saudi Arabia.
Saturday, Aramco released its prospectus detailing the much anticipated IPO of the global oil giant. While it was unstated how much would be for sale and to whom exactly, the release confirms the company will go public shortly – with a possible trading date of December 11 seen.
According to the prospectus, first seen by the AP, Aramco revealed that it will sell up to 0.5% of its shares to individual retail investors. It did not indicate how much will be made available to institutional investors. The IPO will be the largest in history.
Saudi Aramco is the kingdom’s oil and gas producer, pumping more than 10 million barrels of crude oil a day, or some 10% of global demand.
Aramco has previously reported that it plans to hold the initial sale on Saudi Arabia’s own Tadawul stock exchange, but some have said shares could be made available via other global exchanges such as the FSE or even a U.S.-based bourse.
In the roughly 650-page prospectus, Aramco said the offering period for investors will begin Nov. 17. It will close for individual investors on Nov. 28 and for institutional investors on Dec. 4. Aramco will price its shares on Dec. 5, according to the document.
The company stated its plans to pay out an annual dividend of at least $75 billion starting in 2020, but questions linger over how much Aramco is worth.