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Saudi oil giant Aramco announces long-awaited IPO

ANI  |  Asia 

Saudi Arabian oil company Aramco kickstarted its initial public offering (IPO) on Sunday, setting in motion what could be the largest initial stock offering ever.

The company has announced its plans to sell an unspecified percentage of its shares on the Saudi stock exchange, the Tadawul, after it received approval for the same from the market regulators.

Aramco's chairman, Yasir al-Rumayyan, said the announcement represented "important progress" toward delivering "the kingdom's blueprint for sustained economic diversification and growth," reported The New York Times.

Considered the world's most profitable enterprise, Aramco produces about one-tenth of the global oil output. It posted a net profit of USD 111 billion last year, which is more than the net income of Apple, Google and company's lesser rival Exxon Mobil combined.

The plans to take the company public was first announced by Saudi Crown Prince Mohammed bin Salman, who, back then, said that the company would be valued at around USD 2 trillion and the initial offering would take place by 2017.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, November 03 2019. 23:04 IST