Saudi state oil giant Aramco will sell 0.5% of its shares to individual retail i...
DUBAI - Saudi state oil giant Aramco will sell 0.5% of its shares to individual retail investors and the government will have a lockup period of a year on further share sales after the initial public offering, its prospectus said on Saturday.
Sources have said the company could sell 1%-2% on the Saudi stock market in what could be the world’s largest listing.Aramco fired the starting gun on the initial public offering on Nov. 3 after a series of false starts. Crown Prince Mohammed bin Salman is seeking to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries.
Aramco’s oil facilities were targeted on Sept. 14 in unprecedented attacks that temporarily shut 5.7 million barrels per day of output - more than 5% of global oil supply.The prospectus said the government will have a “statutory lockup period” for disposing of any shares after the listing for six months, and a contractual lockup period for 12 months.
“Aramco IPO is an opportunity that shouldnt be missed, the largest company in the world....holding aramco shares is an absolute gain”, a Saudi with a twitter handle named Abdulrahman wrote. Bankers have told the Saudi government that investors will likely value the company at around $1.5 trillion, below the $2 trillion valuation touted by Prince Mohammed when he first floated the idea of an IPO nearly four years ago.
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