Saudi Aramco has published its long-awaited prospectus for its initial public offering, tipped to be the biggest on record, but left investors guessing on key details such as the number of shares on offer, the price range or even an indicative date for the listing.
The 658-page document released on Saturday marks the furthest the kingdom has gone in its efforts to list shares in the country’s biggest revenue earner, almost four years after Crown Prince Mohammed bin Salman first disclosed plans to take the company public.
After repeated delays, largely stemming from questions over the company’s ability to secure the $2tn valuation target sought by Prince Mohammed, it is set for a stock market listing in Riyadh as early as next month.
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