Saudi Aramco prospectus flags risks, gives few details on IPO size

Irish Times | Nov 10, 2019 at 1:25 PM
  • Saudi state oil giant Aramco will sell up to 0.5 per cent of its shares to individual retail investors and will be restricted from issuing additional shares for a year after the initial public offering (IPO), its prospectus said on Saturday.
  • Aramco has been in talks with Gulf and Asian sovereign wealth funds and wealthy Saudi individuals to secure top investors of the IPO, but no cornerstone investor is yet to formally agree to a deal.
  • At the top valuation of $2 billion, Aramco could potentially raise $40 billion, topping the record-breaking $25 billion raised by Chinese e-commerce giant Alibaba in 2014.
More sources
  • Saudi Aramco prospectus flags risks, gives few details on IPO size (Reuters: Nov 10, 2019 at 9:11 AM)