Saudi Aramco gives date for accepting IPO bids from investors

A billboard displaying an advert for Saudi Aramco in the Saudi capital Riyadh on November 10 2019. Picture: FAYEZ NURELDINE / AFP

After years of delays and false starts, Aramco officials last week announced a share sale on the Riyadh stock market for the world’s most profitable company, which pumps 10% of global oil supply. The company said it had hired a host of international banking giants including Citibank, Credit Suisse and HSBC as financial advisers and bookrunners.

However, important details were missing from the prospectus, including the company’s valuation and how much Aramco expects to raise from the IPO. The government has reportedly pressed wealthy Saudi business families and institutions to invest, and many nationalists have labelled it a patriotic duty.

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