The IPO, which is likely to be upwards of $20 billion, will be one of the biggest ever public offerings to hit the market.
On Wednesday, in a statement Saudi Arabia’s energy minister said, the initial public offering (IPO) for state-owned oil company Saudi Aramco will be launched soon; its timing will be decided by Saudi Crown Prince Mohammed bin Salman.
According to three sources with direct knowledge of the matter, Aramco’s is likely to announce the start of its IPO on November 3. The IPO has been delayed in order to give advisers time to secure cornerstone investors.
“It is going to come soon … but it will come at the right time with the right approach and definitely with the right decision,” said Prince Abdulaziz bin Salman, Saudi’s energy minister in a speech at the Future Investment Initiative conference in Riyadh. “And it will be a Saudi decision first and foremost,” he said.
“Specifically, Prince Mohammed’s decision.”
The prospect of Aramco selling a piece of itself has had Wall Street on tenterhooks since Prince Mohammed first flagged it three years ago. Aramco is looking to float a 1% to 2% stake on the kingdom’s Tadawul market, in what would be one of the largest ever public offerings, worth upwards of $20 billion.