Aramco released its preliminary prospectus, but key details that investors are focused on were missing
By Ben Dummett in London and Rory Jones and Summer Said in Dubai Nov. 9, 2019 6:38 pm ET Saudi Arabia moved a step closer toward listing its national oil giant Aramco on its domestic exchange, releasing the preliminary prospectus late Saturday for what is slated to be the world’s largest initial public offering.
More Still key details that investors are focused on were missing. The company reiterated plans to pay out an annual dividend of at least $75 billion starting in 2020 and signaled that increases as well as special dividends could follow over time. In the prospectus, Aramco indicated that it would determine the IPO pricing and the percentage of the company to be sold in the offering at the end of the book-building period. That runs from Nov. 17 to Dec. 4, during which time institutional investors will be expected to submit orders. Individual investors have until Nov. 28 to submit a request for shares, according to the prospectus.
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