Saudi Arabia formally starts its long-anticipated initial public offering of its state-run oil giant Saudi Aramco, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom.
FILE - In this Sept. 20, 2019, file photo, taken during a trip organized by Saudi information ministry, workers fix the damage in Aramco's oil separator at processing facility after the recent Sept. 14 attack in Abqaiq, near Dammam in the Kingdom's Eastern Province. Saudi Arabia formally started its long-anticipated initial public offering of its state-run oil giant Saudi Aramco on Sunday, Nov.
Initial plans call for the firm’s shares to be traded on Riyadh’s Tadawul stock exchange, then to later put other shares on a foreign exchange. The Saudi-owned satellite channel Al-Arabiya reported last week, citing anonymous sources, that pricing for the stock will begin Nov. 17. A final price for the stock will be set Dec. 4, with shares then beginning to be traded on the Tadawul on Dec. 11, the channel reported. The channel is believed to have close links to the kingdom’s Al Saud royal family.
In Aramco’s first-ever half-year results, it reported income of $46.8 billion. Yet analysts say a $2 trillion valuation — Apple and Microsoft separately for instance are $1 trillion — may be a stretch. By announcing the start of the IPO on Sunday, Prince Mohammed may have been convinced to take a lower valuation in order to get the IPO moving.
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