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Saudi Aramco IPO offering to launch Nov.17

Sun 10 Nov 2019, 11:08:10
Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on Nov.17, with a final share price to be determined on Dec.5, a day after subscriptions close.

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 percent 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 percent of the shares," the prospectus



said.

The company said it will determine the percentage to be sold to institutional investors after consultations with its financial advisors and global coordinators consisting of major international banks.

Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion.

The prospectus said the offering period will start on Sunday, Nov.17, ending on November 28 for individual investors and on Dec.4 for institutional investors.

The company will set a price range for the shares on November 17 but the final price will only be determined on December 5, the day after all subscriptions close.

"Trading of the shares is expected to commence after all relevant legal requirements and procedures have been completed," the company said without setting a specific date.

Aramco is the world's most profitable company and last year posted $111.1 billion in net profit. 
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