RIYADH • Oil giant Saudi Aramco said it would start taking bids from investors on Nov 17 in a highly anticipated initial public offering (IPO), as it released a prospectus that did not disclose the size of the sale or the pricing range.
The 658-page document said the final share price would be determined on Dec 5, a day after subscriptions close, Agence France-Presse reported
After years of delays and false starts, Aramco last week announced a share sale on the Riyadh stock exchange for the world's most profitable company, which pumps 10 per cent of the world's oil.
The prospectus, released late last Saturday night, said Aramco would sell up to 0.5 per cent of its shares to individual investors, but it had still not decided on the percentage for institutional buyers.
It also highlighted risks, including the potential for terrorist attacks and climate change concerns that could reduce global demand for hydrocarbons.
But key details were missing, including the company's valuation and how much it expects to raise.
However, investment research firm Bernstein estimated the valuation could fall between US$1.2 trillion and US$1.5 trillion (S$1.6 trillion and S$2 trillion).