The IPO subscription for the largest oil and gas company in the world will open on November 17 and will last until November 28 for retail investors and until December 4 for institutional investors, says the Saudi Aramco prospectus.
The final issue volume will be announced on December 5, but the prospectus says that retail investors will be able to buy no more than 0.5% of the company’s shares, which is equivalent to 1 billion shares. The limit for institutional investors is unknown.
- This is not the only mystery of the main placement of the century: the IPO date, the size of the shares put up for sale and the approximate cost of shares are still not named.
- Earlier, Bloomberg wrote that it was planned to sell a total of about 2% of the shares for $ 40 billion. This would give Saudi Aramco a $ 2 trillion estimate, which the prince of Saudi Arabia, Mohammed Bin Salman, hopes to get. The banks participating in the preparation of the IPO placement considered these expectations overstated and stated that the company’s capitalization could be below $ 1.5 trillion.
- The prospectus also says that Saudi Aramco will not be allowed to conduct additional listing for six months, and the state will not sell shares of the company (with the exception of transactions with foreign governments and related strategic investors).
In September, the largest oil facilities of the company attacked drones, which led to the largest disruption in oil supplies in history.
The market has been awaiting the placement of Saudi Aramco since 2016, when the Crown Prince of Saudi Arabia, Mohammed Ibn Salman, announced plans to conduct an IPO.