Saudi Aramco, the Saudi Arabian state-owned oil giant, announced its initial public offering Sunday.
The company intends to list shares on the local stock exchange in Riyadh, and trading is expected to begin in December with reportedly somewhere between 2 percent and 5 percent of its shares being listed. Saudi Crown Prince Mohammed bin Salman approved the launch after nearly four years of delays since the plan was initially brought to the table. Aramco will reportedly next hold investor meetings to get a sense of international and domestic demand and publish a prospectus on Nov. 9.
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