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Saudi Aramco will offer less than 1% of its shares to individual investors. It still might be the biggest IPO ever

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Saudi Arabia's state oil company says the offering period will begin on November 17 and close on December 4.

It will price its shares on December 5, with trading on the Saudi stock exchange, the Tadawul, expected to start in mid-December,The public offering could be largest in history. Aramco has vast oil reserves and massive daily output. It holds a monopoly in Saudi Arabia, the world's largest exporter of crude. The company posted a $68 billion profit for the first nine months of this year, down 18% on the same period in 2018. Profit for the whole of 2018 was $111 billion.

The company will not be able to list additional shares for six months after trading begins. All necessary regulatory and corporate approvals required for the offering have been secured for the IPO, it said.

 

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