Saudi Arabia Formally Announces IPO Of Oil Firm Saudi Aramco

Reuters: Saudi Aramco kick-starts what could be world's biggest IPO, offers scant details

DHAHRAN, Saudi Arabia/DUBAI (Reuters) - Saudi Arabia’s giant state oil company finally kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world’s biggest listing as the kingdom seeks to diversify its economy away from oil.

But in its long-awaited announcement, Aramco, the world’s most profitable company, offered few specifics on the number of shares to be sold, pricing or the date for a launch.

Bankers have told the Saudi government that investors will likely value the company at around $1.5 trillion, below the $2 trillion valuation touted by Crown Prince Mohammed bin Salman when he first floated the idea of an IPO nearly four years ago.

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WNU Editor: I would not invest in this Saudi oil company. It is too closely tied to the Saudi government, and the attack against its oil facilities two months ago is a heads-up on how vulnerable this company is to terrorism and war. Bottom line. The risk is too high, especially at this valuation of $1.5 trillion.

More News On Saudi Arabia Formally Announcing The IPO For Its Oil Firm Saudi Aramco

Saudi Arabia formally starts IPO of oil firm Saudi Aramco -- AP
Saudi Arabia formally announces Aramco IPO with a domestic listing set for December -- CNBC
Saudi Aramco IPO: World's most profitable company to go public -- BBC
Saudi Arabia formally begins IPO of state-run oil firm Saudi Aramco -- NBC
Saudi Arabia announces IPO of world's most profitable company -- CNN
Saudi Arabia Launches Its Long-Awaited IPO Of Aramco -- Zero Hedge
Ready, get set - Saudi Arabia approves Aramco IPO -- Al Jazeera
Saudi Aramco May Only Be Worth $1.5 Trillion, Say Potential Investors -- Sputnik