Saudi Arabia: Aramco board to decide on 'record IPO' listing - reports

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The board of Saudi Arabia's national oil company Saudi Aramco is reportedly expected to meet with advisors around October 17, and decide on listing between 1% and 2% of the company's shares at the Tadawul exchange in Riyadh by the end of November.

On Saturday, the press was invited to tour Aramco’s Abqaiq and Khurais oil facilities almost a month after they suffered considerable damage in a drone attack.

The initial public offering (IPO) for 2% of the company shares is expected to reach up to $40 billion (€36 billion), which some reports dub as "the biggest IPO on record."

The listing value suggests the oil company is targeting a total valuation of almost $2 trillion (€1.8 trillion), double that of Apple Inc.

Moreover, reports suggest that an international listing could follow in Tokyo in 2020 or 2021.

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