Saudi Aramco seeks 0.5% stake sales to retail investors in IPO


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Saudi Aramco seeks 0.5% stake sales to retail investors in IPO

Saudi Aramco, the world’s most profitable company by net revenue on an unaudited basis, had been looking to sell 0.5 per cent of its entire stake to retail investors at its slated Initial Public offering (IPO), much-lower than an earlier blueprint to list 1% to 2% per cent of its stake into Saudi’s domestic market, three people familiar with the situation had revealed on Saturday, the 9th of October 2019, on condition of anonymity given the scale of sensitive nature of the issue.

On top of that, latest update on Saudi Aramco’s IPO (Initial Public Offering) came forth after the Kingdom’s oil giant, Aramco, had kickstarted its public listing approaches last week, nonetheless, the oil group owned by the OPEC-Kingpin, Saudi Arabia, had yet to reveal a size of its IPO.

Aside from that, latest downsizing of Saudi Aramco’s IPO, what initially had sketched out a plan to raise as much as $1 to $2 trillion, was almost entirely prodded by a slew of leading international investors, a majority of which had turned a blind eye to Aramco’s public listing in Saudi’s main bourses, considering a multi-month low crude oil price alongside a turbulent Gulf while it still remained unclear whether the United States and Iran could avert another military confrontation after 2014s ceasefire.