Saudi Aramco aims to begin planned IPO on November 3: sources

Published
3
Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jeddah, Saudi Arabia. — AP/File
Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jeddah, Saudi Arabia. — AP/File

Saudi Aramco aims to announce the start of its initial public offering (IPO) on November 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors.

Separately, Aramco has not approached the Kuwait Investment Authority (KIA) to invest in the IPO, the sovereign wealth fund’s managing director Farouk Bastaki said on Tuesday.

“KIA has not been approached by Aramco or its advisers for the IPO, and KIA will look at the IPO like any other investment,” Bastaki told reporters on the sidelines of an investment conference in Riyadh.

The people also said Aramco’s chief executive officer, Amin Nasser, was not present at the conference on Tuesday as he was meeting investors abroad ahead of the offering.

Aramco, in response to queries by Reuters, said on Tuesday the oil company “does not comment on rumour or speculation. The company continues to engage with the shareholders on IPO readiness activities. The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”

The people declined to be identified due to commercial sensitivities.

Aramco will start subscription for investors in its initial public offering on December 4, Saudi-owned news channel Al-Arabiya said in a news flash on Tuesday citing sources.

The oil giant plans to announce the transaction’s price on Nov 17, it added. The company will begin trading on the local stock market, the Tadawul, on Dec 11, the broadcaster reported.

The company will soon have more shareholders from institutions, the head of the kingdom’s sovereign wealth fund, Yassir al-Rumayyan, said.

Al-Rumayyan, governor of the Public Investment Fund (PIF) and chairman of Aramco’s board of directors, was speaking at a panel at the conference in Riyadh.

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Risks ahead
Updated 02 Oct, 2026

Risks ahead

To think that the government would rather push out an elected government than grant a single prisoner some facilities does not square up rationally.
Exit from Iraq
02 Oct, 2026

Exit from Iraq

AMERICAN and British troops have once again shipped out of Iraq. On Wednesday, the foreign forces left the Arab...
Lahore’s ozone warning
02 Oct, 2026

Lahore’s ozone warning

LAHORE has received another warning that its air pollution crisis cannot be treated as a problem that begins with...
Fixing bond markets
Updated 01 Oct, 2026

Fixing bond markets

Pension funds, insurance companies, mutual funds, retail investors, and eventually, foreign investors must become bigger participants in the market.
Call centre rackets
01 Oct, 2026

Call centre rackets

A NUMBER of recent raids conducted by the authorities in different cities point to the growing threat fraudulent ...
Homeward bound
01 Oct, 2026

Homeward bound

FIVE months after Somali pirates captured an oil tanker carrying a 19-member multinational crew, Somali maritime...