This archive report was first published on 17 November 2019.
On November 17, 2019, Saudi Aramco announced plans to sell 1.5% of the company in a blockbuster initial public offering (IPO) worth at least $24 billion.
The state-owned energy giant set the price range at 30-32 Saudi riyals per share ($8-8.5), with the base offer size being 1.5% of the company's outstanding shares.
Although scaled down from original plans, the offering still rivals the world's biggest listing so far, the $25 billion float of Chinese retail giant Alibaba in 2014.
The IPO is a cornerstone of de facto ruler Prince Mohammed's ambitious plan to diversify the economy by pumping funds into megaprojects and non-energy industries.
According to S&P; Global Ratings, the stock market debut could enable the kingdom to strengthen its financial position, with the funds raised potentially supporting longer-term economic growth in Saudi Arabia.
However, the company is struggling to attract foreign institutional investors, amid an uncertain outlook for the energy sector and questions over company disclosures and governance.
