Saudi Aramco is preparing for a giant public offering

Saudi Aramco is preparing for a giant public offering

Saudi Aramco plans to start its secondary public offering process on Sunday at the earliest. It has been stated that unofficial demand for Saudi Aramco’s secondary public offering has already reached over 10 billion dollars.

Saudi Arabia plans to start the secondary public offering of oil giant Saudi Aramco on Sunday at the earliest.

Saudi Aramco could raise more than $10 billion in its secondary public offering, sources familiar with the matter told Bloomberg.

The state of Saudi Arabia, Aramco’s largest shareholder, wants to start the book collection process that will last until Thursday next week.

According to sources speaking to Bloomberg, Middle Eastern and European investors have already submitted over $10 billion in unofficial demand for Saudi Aramco’s secondary public offering.

Five years ago, Aramco carried out the largest public offering of the period with an initial public offering of approximately $30 billion.

Proceeds from the IPO could help fund Saudi Crown Prince Mohammed Bin Salman’s projects to diversify the Saudi economy.