Saudi Aramco IPO on track, says Saudi ArabiaStaff Writer | September 11, 2017
Saudi Arabia said its plan to sell a stake in Aramco, the world's biggest oil producing company, is on track as the kingdom refines its National Transformation Program (NTP).
Public offer Valued at $2 trillion
"The government privatization programme continues to gain traction and the plan for an initial public offering (IPO) of a stake in Saudi Aramco remains on track," said a spokesman for the Ministry of Culture and Information.
"The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO-related requirements are completed on time and to the very highest standards."
The government statement did not say how much precisely it plans to sell, but Crown Prince Mohammed bin Salman has previously stated it would be as much as 5 percent of the company, which is valued at $2 trillion.
The listing would be the world's biggest IPO and may raise as much as $100 billion for the state. ■