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Saudi Aramco to announce offering price of shares in IPO on December 5

The amount of shares to be sold will be announced at the end of the book-building period

© Stanislav Krasilnikov/TASS

TASS, November 10. The book-building period for institutional subscribers to shares of Saudi Aramco will last from November 17 to December 4 of this year, the Saudi oil giant said in its prospectus.

The final offer price and the amount of shares to be sold will be announced at the end of the book-building period.

The listing rules will prohibit Saudi Aramco from listing additional shares for a period of six months after the commencement of trading of the shares on the exchange, according to the prospectus. The selling shareholder, i.e. the government, will not be able also to sell shares within 12 months after the listing start, except deals with foreign governments or strategic investors related to such governments, the document says.

The offer is restricted to two groups of investors - the institutional subscribers and the individual investors, according to the prospectus. The limit of shares purchase for institutional investors will be determined by the shareholder and the company.

Authorities of Saudi Arabia formally approved the listing of the world’s largest oil producer Saudi Aramco on November 3.

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