Saudi Aramco May Conduct IPO in October - Chairman

Sputnik, 14.10.2019

RIYADH (Sputnik) - Saudi Aramco may conduct an initial public offering (IPO) in October, Chairman Yasir Al-Rumayyan said on Monday.

"Saudi Aramco's IPO will be held very soon, we are fulfilling our plans smoothly and fast. You'll hear about it very soon. I think we can expect it this month", Al-Rumayyan, who is also the governor of the Public Investment Fund, said at the Russian-Saudi investment forum. 

Plans for Saudi Aramco's IPO were first announced in 2016 as part of the kingdom's Vision 2030 economic overhaul program but have been delayed a number of times. According to media reports, Riyadh expects the IPO to value the oil giant at some $2 trillion, which would allow the company to raise as much as $100 billion of a listing of just a 5 percent stake.

The Russian-Saudi investment forum is organised by the Russian Direct Investment fund, the Saudi Arabian General Investment Authority and the Saudi Center for International Strategic Partnerships on the margins of Russian President Vladimir Putin's visit to the kingdom.