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Saudi Aramco announced IPO

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Saudi Aramco announced IPO

The long-awaited IPO of the oil giant Aramco is getting ready to be listed domestically in December.

Saudi Aramco is the largest integrated oil and gas company in the world. The kingdom formally announced that the company would go public, although the exact details regarding the size and scope of the IPO remains a mystery.

The said IPO has been anticipated for years and it could have turned out to be the largest. After getting delayed, the Kingdom of Saudi Arabia officially announced its initial public offering (IPO) for Saudi Aramco on Sunday. Saudi Arabia’s market regulator approved the listing.

According to Amin Nasser, president and chief executive of Saudi Aramco, the company’s vision “is to be the world’s pre-eminent integrated energy and chemicals company.”

He further stated that, “Our mission is to provide our shareholders with long-term value creation through crude oil price cycles by maintaining our pre-eminence in oil and gas production, capturing additional value across the hydrocarbon value chain and profitably growing our portfolio.”

Due to various reasons such oil price being volatile, the uncertainty of valuation, the location of the share listing and sudden politically unsettling events such as the drone and missile attack in September paved the way to delay the IPO of Saudi Aramco.

(Reference: CNBC)