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Saudi Arabia: Many questions, some answers on Aramco flotation
Saudi Arabian Oil Company (Aramco) has formally set the ball rolling on its entry to the Saudi Stock Exchange (Tadawul). Chairman Yasir Al-Rumayyan and chief executive Amin Hassan Al-Nasser confirmed the much-anticipated international public offering (IPO)’s launch at a press conference in Dhahran on 3 November. A prospectus followed on 9 November and a price range on 17 November. While many details have now been released, some aspects of the flotation are still open to speculation and the longer-term prospects for shareholders remain a significant risk for the government.
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