Saudi Aramco is reportedly kicking off its massive IPO this Sunday and plans to debut trading on December 11
- Saudi Aramco has been preparing for a mammoth IPO, and the process could get underway as soon as Sunday according to Reuters.
- Three sources told Reuters that Aramco was looking to start the process of floating 1% to 2% on the Saudi Arabian Tadawul market, on November 3.
- Separately, Bloomberg reported that state TV channel, Arabiya, said that Aramco would go public on December 11, without citing sources.
- Aramco's IPO is expected to be the largest on record, with the company possibly being valued at $1.5 trillion.
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Oil-giant Saudi Aramco could start the process for its mammoth IPO as soon as this Sunday, according to Reuters, as the company gears up for what could be the largest public offering on record.
Three unnamed sources told Reuters that Aramco will "announce the start of its initial public offering" on November 3, after delaying the initial process to "secure cornerstone investors."
Bloomberg reported that state TV channel, Arabiya, said that Aramco "will start trading on" December 11.
Aramco's IPO has been hotly anticipated by investors as it could be one of the largest on record. Reuters added that Aramco is looking to float 1% to 2 of the stake on Saudi Arabia's Tadawul market, which would be worth more than $20 billion.
If this is the case it would put Aramco's valuation at roughly $1.5 trillion to $2 trillion, making it the largest public offering on record.
The IPO, however, was delayed due to the attacks on two Saudi Arabian oil facilities in September, which temporarily wiped out half of the country's oil production.
Aramco has also shelled out $450 million on adviser fees - JPMorgan and Morgan Stanley have been paid the most, according to Bloomberg.