Saudi Aramco IPO Valued at Around $1.7 Trillion, to Launch in December
Saudi Aramco’s IPO is finally, officially here, and is valued under the expected $2 trillion for now. The world’s largest oil company is listing 1.5% of its stake for public trading, hoping to raise around $1.6-1.7 trillion from the sale of around 3 billion shares.
The IPO is set to launch next month and could put up around 0.5% of its stake for sale to individual investors. In case of higher demand, analysts are anticipating that its listing could overtake that of Chinese e-commerce giant Alibaba’s debut on the New York stock exchange worth $25 billion around five years ago.
After several delays owing to the complexity of the process and as a result of the most recent drone attacks on its crude processing facilities in September, Saudi Aramco’s IPO process officially began earlier this month. Through its listing, the company hopes to raise capital for the Saudi government that is looking to diversify its economy beyond oil as a means to reduce its budget deficit.
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