Aramco IPO Prospectus Due to Be Published Before Month-End
Saudi Arabia’s preparations to list Saudi Arabian Oil Co. are in full swing, with the company expected to publish its prospectus before the end of the month, people familiar with the matter said, paving the way for a final decision soon after on whether to proceed with the float.
Aramco, as the oil giant is known, is in the final stages of preparing to list shares on the domestic Tadawul exchange, as the government pursues a key part of Crown Prince Mohammed bin Salman’s economic-reform program. The crown prince plans to list 5% of Aramco, through a domestic and a later planned international listing, to raise billions of dollars to diversify Saudi Arabia’s economy from its dependence on oil. Until recently, progress has been fitful.
Reported by WSJ