Saudi Aramco IPO starts November 17
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READING:
Saudi Aramco, the world's biggest oil producer, will float its shares on the Saudi Stock Exchange. This anticipated event is exciting speculators worldwide. Aramco will allocate 0.5 per cent of its shares to individual investors. It could be the largest ever IPO (Initial Public Offering). Investors have until December 4 to buy shares in the world's most profitable company. It is valued at up to $2.3 trillion. Its rival, Exxon Mobil, has a valuation of $300 billion.
Saudi Aramco's CEO hopes the IPO will help diversify Saudi Arabia's economy. Further share offerings may take place later worldwide. Saudi is heavily reliant on oil. The IPO is part of a plan from Saudi's Crown Prince Mohammed bin Salman to reform the kingdom's economy. He hopes it will boost many areas of the economy and society. He is heading the development of a range of non-oil industries, like healthcare, mining and tourism.
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