Saudi Aramco IPO to Launch in December?

According to a Reuters report, the world’s largest oil company Saudi Aramco is expected to list its IPO on Saudi’s stock exchange on December 11. The kingdom’s Capital Markets Authority is expected to announce the initialization of the IPO process on Sunday.

While the company itself has failed to offer an official comment confirming this news, Prince Abdulaziz bin Salman has confirmed that there will be announcement made soon by the Saudi Crown Prince, who is also the energy minister.

The Reuters report was preceded by an update on the Al Arabiya news channel, which stated that shares subscription could commence by December 4. Saudi Aramco is estimated to be valued at around $2 trillion and is considering listing around 1-2% of its stake for trading to raise around $20 billion worth of capital.