World’s biggest IPO: Workers at Saudi Aramco’s oil processing facility in Abqaiq, near Dammam in Saudi Arabia’s eastern province. Saudi formally started its long-anticipated IPO of its state-run oil giant on Sunday, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom. — AP
DUBAI: Saudi state oil giant Aramco will sell 0.5% of its shares to individual retail investors and the government will have a lockup period of a year on further share sales after the initial public offering (IPO), according to its prospectus on Saturday.
The more than 600-page prospectus did not include details of how much of the company would be floated in total or of any commitments from anchor investors.
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