× Digital News Videos Opinions Cartoons Education E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
Saudi State oil giant Aramco will sell up to 0.5 per cent of its shares to individual retail investors and will be restricted from issuing additional shares for a year after the initial public offering (IPO), its prospectus said on Saturday.

Aramco fired the starting gun on what is likely be the world’s largest listing on November 3 after a series of delays.

The offering, set to rank it as the world’s most valuable company, will begin on Nov. 17, the prospectus said. Crown Prince Mohammed bin Salman is seeking to sell the shares to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries.

Bankers think the long-awaited IPO will value Aramco around Sh150 trillion ($1.5 trillion). The more than 600-page prospectus published on Saturday did not include details of how much of the company would be floated in total or of any commitments from cornerstone investors.

SEE ALSO: Court ruling limits Centum school fee

Sources have said the company could sell 1-2 per cent on the Saudi stock market.

If the government sells two per cent of Aramco shares, the retail offering could account for 25 per cent of the deal size at the top valuation of Sh200m trillion ($2 trillion).  

Covid 19 Time Series


Aramco Shares IPO Investment
Share this story

Read More