Oil giant Saudi Aramco to make IPO

Saudi Arabia officially announced this Sunday, November 3, that the state oil giant Saudi Aramco will list at the stock exchange.

The Saudi Arabia Capital Market Authority announced on its website that it had issued its resolution approving the Saudi Arabian Oil Company (Saudi Aramco) application for the registration and offering of part of its shares. The date was not announced.

The Crown Prince of Saudi Arabia, Mohammad bin Salman, has been advocating the company's listing since 2016, but the move was postponed on several occasions.

Saudi Aramco’s chairman Yasser al-Rumayyan said that the company would continue to meet its global oil supply demand.

Saudi Arabia hopes that the company's value will be estimated at USD 2,000 billion, so that it could gather around USD 100 billion for development programs. Analysts, however, doubt that the evaluation would go that high, placing it at a thousand or five hundred billion dollars.

Even at that price, however, Aramco would still be worth at least 50% more than the world's most valuable companies, Microsoft and Apply, each of which has market capitalization of around a thousand billion dollars.

Saudi Aramco

Saudi Arabian Oil Co

oil

Mohammad bin Salman

production of oil

Aramco

Yasser al Rumayyan