The oil company of Saudi Arabia, Aramco, is to be listed in December. The company and the country’s Capital Market Authority have declared the IPO issues on Sunday.
According to Aramco, the shares are expected to be listed on early December with trading start on 11th December. The valuation of the company, which produces 10% of the world’s oil, is estimated to range between 1,6 – 1,8 trillion dollars. The number and percentage of Aramco’s shares will be seen during the book-building period. According to Bloomberg the IPO offering might be 100-200 billion dollars.
Aramco’s net income last year was 111 billion dollars and 68 billion dollars during January-September this year.
This IPO might be the world largest. The shares are expected to be listed in Riyadh Stock Exchange.