We just got the latest sign that Saudi Aramco's record-shattering IPO will soon be a reality

markets.businessinsider.com | 10/9/2019 | Staff
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Saudi Aramco is moving forward with its plans for an IPO after drone attacks crippled its oil production, and new details suggest some shares will be offered before 2020.

The state-owned oil company plans to sell 1% to 2% of its shares on Saudi Arabia's domestic exchange as soon as November, the Wall Street Journal reported Tuesday. A prospectus will be published in late October, sources said.

Aramco - Oil - Production - End - November

Aramco's oil production should be fully recovered by the end of November, the company's CEO told CNBC Wednesday.

Crown prince Mohammed bin Salman has previously called for the company to be valued at $2 trillion, setting up Aramco's IPO to be the largest in history.

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Saudi Aramco is moving forward with plans for an IPO following devastating attacks on one of its facilities, and new details suggest shares will be available before the year's end.

Oil - Company - % - % - Shares

The state-owned oil company could sell 1% to 2% of its shares on Saudi Arabia's domestic exchange as soon as November, the Wall Street Journal reported Tuesday.

Aramco is poised to release its prospectus October 25 in Arabic, and follow up with an English version two days later, sources told WSJ. The document will be used to market Aramco shares to investors around the world.

Saudi - Officials - Offering - Drone - Strikes

Saudi officials considered delaying the public offering after drone strikes crippled the company's infrastructure and prompted...
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