Saudi Aramco, the world’s most profitable company, wholly owned by the Government of the Kingdom of Saudi Arabia kickstarted its initial public offering (IPO) on the Main Market of Tadawul.
Unlike traditional IPOs, Saudi Aramco offered no desired price range for its shares nor any idea how much of the firm would be offered to investors on Riyadh’s Tadawul stock exchange.
Analysts say the kingdom likely hopes local investors will push its share prices toward a desired $2 trillion valuation but reportedly peg it no higher than $1.5 trillion.
“(The IPO) will increase our international visibility as the leading company in the world,” CEO Amin Nasser said at a press conference.
For more information visit www.saudiaramco.com