things you need to know about the Saudi Aramco IPO
Saudi Arabia has finally greenlighted the much-awaited listing of shares in state oil giant Aramco on the domestic exchange, Tadawul expected before year-end. The share offering slated to be the largest and expected to eclipse that of Alibaba’s listing, has intrigued global investors and gripped banks and financial advisers. On Sunday the oil behemoth offered some clarity on its mammoth IPO exercise. Here are the highlights:
What percentage of shares is Aramco likely to offer and at what price?
The valuation will be determined after the conclusion of the company’s roadshows and book building exercises, which will happen over the forthcoming weeks, according to Saudi Aramco chairman Yasser Al Rumayyan.
Who is allowed to invest in Saudi Aramco’s IPO?
Saudi citizens, GCC nationals and foreign institutional investors can participate in the IPO. Saudi family businesses and individuals have been encouraged to participate in the offering with the company promising a bonus share for every 10 shares held for 180 days, with a maximum limit of 100 shares.