Riyadh – Mubasher: The along-waited initial public offering (IPO) and book-building process of Saudi Arabian Oil Company, Saudi Aramco, will kick off on Sunday, 17 November, until Wednesday, 4 December.
The retail offering of the company will run from 17 to 28 November, according to Aramco’s recently published prospectus.
The company said that the final offer price, number of offer shares to be sold and percentage that the offer shares to be sold represent of the outstanding shares will be determined at the end of the book-building period.
The coming IPO is targeting two tranches:
- Institutional subscribers: it comprises the institutional investors eligible to participate in the book-building process as specified under the book-building and other terms and conditions set forth in this Prospectus.
- Individual investors: it comprises Saudi Arabian nationals, including any Saudi female divorcee or widow with minor children from a marriage to a non-Saudi person who can subscribe for her own benefit or in the names of her minor children, on the condition that she proves that she is a divorcee or widow and the mother of her minor children, any non-Saudi natural person who is resident in the Kingdom and any GCC national, in each case who has a bank account with one of the Receiving Entities.
A maximum of 0.5 % of the offered shares will be allocated to retail investors, while no maximum limit was set for institutions.
Moreover, the minimum subscription limit for retail investors stands at 10 shares, with no maximum limit.
The Selling Shareholder and Saudi Aramco will determine the number and percentage of offer shares which will be allocated to the Individual Investors.
