Saudi Aramco is planning to announce the launch of its initial public offering next month, Bloomberg reported, citing anonymous sources close to the matter.
The announcement is expected to come around October 20, and the listing on Tadawul, the Saudi stock exchange, could occur as soon as November, although timetables are not final. Recent reports have noted that the Saudi government could double the stake in Aramco to be offered, potentially listing up to 10% of the company.
This comes just weeks after attacks on Saudi Aramco’s facilities, which cut its production in half. The company recovered its production a week ahead of schedule, with its capacity currently exceeding 11mn barrels per day.
The attacks, and the risk they represent, are not expected to hit Saudi Aramco’s listing on the local market, but could dent its valuation and influence investor demand in international markets, analysts have said. Its ability to recover quickly from such attacks could soften that impact.
