Saudi Arabia has officially launched its initial public offering (IPO) for Aramco, the state-owned oil company and that a domestic listing will occur in December after approval by the kingdom’s market regulator.
The President and Chief Executive of Saudi Aramco, Amin Nasser expressed excitement on the development and shared the company’s vision which is to become the world’s pre-eminent integrated energy and chemical company.
When asked on the details on the IPO, he mentioned that the final offer price, number of shares to be sold and percentage of the shares to be sold will be determined at the end of the book-building period.
Read his statement in part below:
“For us, as Saudi Aramco, I think we are proud of the listing of Aramco. It will increase our visibility internationally. We are a very strong company. By sharing a lot of information, as required by any listed company, there will be a lot of analysts that will review our data and compare it with other listed companies, and we would love to have that kind of comparisons, because we are a company that are proud of our results,” he said.