The state-owned company, known as Saudi Aramco, will disclose its 2017 annual statements prior to the listing, Al-Falih said Thursday at a seminar in Riyadh. No single market can absorb an initial public offering of Aramco’s size, and the company is looking to sell shares on at least two or three stock exchanges, he said.
“Aramco applies the best international standards in governance and management,” Al-Falih said. “It has advanced technology. All of this qualifies it, at the appropriate time, to publish this information through its IPO program, and we confirm that the world, without exaggeration, will be amazed.”
Saudi Arabia, the world’s biggest crude exporter, plans to sell less than 5 percent of the company as part of plans by Deputy Crown Prince Mohammed bin Salman to set up the world’s biggest sovereign wealth fund and reduce the economy’s reliance on oil. Saudis have estimated the entire company to be worth more the $2 trillion. The kingdom pumped 10.48 million barrels a day of oil in December, data compiled by Bloomberg show.
Saudi Aramco plans to sell shares on the Saudi stock market, and company officials have mentioned also listing on bourses in the London, Hong Kong, Tokyo, New York and Canada.
“Even if we sold five percent, no market in the world can absorb an IPO of this size,” Al-Falih said at the seminar. “Therefore, the intention is for there to be several markets, at least two or three.”