The Saudi oil giant Aramco has confirmed, Sunday, November 3, its next IPO, which could be the largest in the world. This major financial operation underlines the will of the Crown Prince to profoundly transform the economy of Saudi Arabia, super-dependent on oil.
The IPO is expected to value the company between $ 1,500 and $ 1,700 billion, the largest capitalization in the world, according to a source close to the record.
The operation is part of the "Vision 2030" plan, initiated by Crown Prince Mohammed bin Salman, which aims to prepare the largest Arab economy for a post-oil era.
No introduction to the world market
The calendar provides for a two-step entry: first on the Tadawul, the Saudi National Stock Exchange, in December. Then, in 2020, Aramco will enter an international financial center, according to a source familiar with the matter.
But Aramco's chairman of the board, Yasir al-Rumayyan, dismissed the scenario on Sunday. "For the [international] part, we will let you know in due course, so far only on Tadawul," he said, without specifying the date of introduction.
Aramco's shares will be offered on the Saudi market only to institutional investors, Saudi citizens, foreign residents in Saudi Arabia and citizens of the Gulf countries.
With AFP