Saudi Aramco may begin IPO on Nov.3

Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov.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 initial public offering, the sovereign wealth fund’s managing director Farouk Bastaki said on Tuesday. “Kuwait Investment Authority has not been approached by Aramco or its advisers for the initial public offering, and Kuwait Investment Authority will look at the initial public offering 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 initial public offering readiness activities.

The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”

Aramco will start subscription for investors in its initial public offering on Dec.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.

Reuters