Saudi Aramco releases IPO prospectus saying the sell-off process starts next month but doesn't disclose the number of shares on offer
Saudi state oil giant Aramco unveiled the long-awaited prospectus for its initial public offering on Saturday, laying out the main material risks that may adversely affect the company's business or its financial position.
After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history. The company said it has decided to sell up to 0.5 percent of its shares to individual investors while it will decide on the percentage for larger investors later.
Even though the size of the IPO has not yet been disclosed, it is expected to be the biggest ever, raising over $30 billion.
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