Saudi Arabia will be subject to a one-year restriction on the sale of additional shares from Aramco, according to Reuters.
The eleventh of December next is the expected date to start IPO of oil giant Aramco in the Saudi market Tadawul.
Amid speculation about the final percentage to be offered in the IPO, the government is looking to put 2% of Aramco to private and institutional shareholders.
The Saudi government would be subject to a one-year restriction on the sale of additional shares from Aramco after the IPO.
Aramco’s prospectus is expected to be released on November 9, according to Aramco. However, the company will announce the price range on November 17 and the promotions will begin on November 18.
Individual investors are expected to expire on November 26th, with institutional subscription expiring on December 4 so the final pricing will be determined on December 5.
In this context, the Saudi Council of Ministers confirmed that Aramco’s announcement of its intention to start its IPO enhances its economic role globally, representing an important step towards achieving Vision 2030.