Aramco hoping to begin its planned IPO this Sunday, report says

FAN Editor

Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, Sunday, Sept. 15, 2019.

Amr Nabil | AP

DUBAI — Saudi state-owned oil giant Aramco is planning to announce the start of its long-anticipated public offering on Sunday November 3, Reuters reported Tuesday, citing three sources with direct knowledge of the matter.

State broadcaster Al Arabiya reported that shares of the company will begin trading on the Tadawul, Saudi Arabia’s stock exchange, on December 11. The local outlet also said Aramco aims to announce the transaction price on November 17 with a final IPO price announcement planned for December 4.

Aramco and the Tadawul did not immediately reply to CNBC requests for comment.

The report comes as the kingdom kicks off its Future Investment Initiative (FII), an annual showcase of its investment opportunities, attended by major international investors and state officials.

—CNBC’s Emma Graham contributed to this article.

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