Riyadh: Saudi Aramco is planning to formally announce the kickoff of its initial public offering next month, people with knowledge of the matter said.
The oil giant aims to announce its intention to float around October 20, the people said, asking not to be identified because the information is private. The potential listing on the Saudi stock exchange could take place as early as November, though the timetable hasn’t been finalised, one of the people said.
Aramco is pushing ahead with its IPO preparations as the kingdom vows to bring oil production back to its full capacity by the end of the month after attacks on its facilities disabled 5 per cent of global supply. The company’s production capacity now exceeds 11 million barrels a day, beating a self-imposed deadline by about a week, people with knowledge of the situation said on Wednesday.
No final decisions have been made, and the eventual timing and other details will depend on market conditions and investor demand, the people said. Aramco didn’t immediately respond to requests for comment.