Aramco’s IPO will value the state oil giant at $1.7 trillion. The world’s largest and most profitable company, Aramco is expected to list its shares on Saudi Arabia’s local stock exchange, the Tadawul, later this month. While Aramco is yet to comment on the IPO pricing, a formal announcement is expected later on Thursday, Reuters reported. Key background: Aramco’s IPO listing was first announced by the crown prince in 2016 as part of his Vision 2030 socioeconomic reform program—in part aimed at reducing the country’s dependence on oil. Further reading: Saudi Aramco, World’s Largest IPO, Gets Delayed Again—This Time Until December (Sergei Klebnikov)Saudi Aramco, World’s Largest IPO, Finally Gets Green Light (Sergei Klebnikov)

Source: Forbes December 05, 2019 18:18 UTC