The Saudi Capital Market Authority is going to announce the expected date of Aramco next Sunday, and informed sources said that the expected Aramco IPO to start on December 4.
Saudi Aramco is set to announce Aramco IPO next Sunday, with SaudiAramco IPO starting on December 4, 2019, according to informed sources.
Three sources familiar with the matter have confirmed that SaudiAramco aims to launch its IPO on November 3.
The sources also confirmed that the state oil giant is workingtowards the announcement of its planned IPO on Sunday.
Saudi oil giant Aramco plans to offer a stake in the Saudi marketbefore offering a stake in the global market.
Aramco IPO is the largest in the world with a market capitalizationof more than $2tn.
Aramco IPO is the cornerstone of Saudi Crown Prince Mohammed binSalman's plans to attract foreign capital, diversify the resources of thelargest Arab economy, and reduce its dependence on oil revenues.
Aramco plans to distribute dividends to its owners of $75bn in2020. Aramco's dividends planned for 2020 represent a more than 29% increaseover 2018 dividends.
Royal Bank of Canada, Banco Santander and Mizuho Financial Grouphave joined Aramco IPO organizer list.
Sources said that the list of the issuance's organizer is of 15banks so far, while the company is working on the selection of managers of theIPO.
Al-Rumayyan: Attendance of the FutureInvestment Initiative rose to double
Wall Street has been on high alert forAramco IPO since Saudi Crown Prince Mohammed bin Salman made the announcementthree years ago.
Kirill Dmitriev, head of Russia's directinvestment fund, said on Tuesday the fund was forming a consortium of investorsfor Aramco IPO.
"There are several Russian pension funds interested in investing in Aramco IPO and we have received indications from our Russian-Chinese fund that some large Chinese investment institutions are interested in the Aramco IPO," Dmitriev told reporters at the FII2019 conference.
