Saudi Crown Prince approves kick-off of Aramco IPO on Sunday: Sources

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Saudi Arabia’s Crown Prince Mohammed bin Salman on Friday agreed that the initial public offering of state oil giant Aramco will be announced on Sunday, five sources familiar with the matter told Reuters.

The world’s top oil company will announce its intention to float (ITF) on Nov. 3, the sources said.

“The crown prince finally gave the green light,” one source said.

Aramco declined to comment.

Al Arabiya had reported on Wednesday that Saudi Capital Markets Authority’s announcement of the intention to float the initial public offering (IPO) would take place on November 3.

Pricing will start on November 17 with a final price for the float expected to be announced on December 4.

Saudi Arabia is looking to list state-owned Aramco on markets on the Saudi Stock Exchange and abroad. The Aramco IPO is a cornerstone of Saudi Arabia’s Vision 2030 reform plan, which aims to wean the Kingdom off its reliance on oil and diversify the economy.

Last month’s attacks on two key oil installations in Saudi Arabia knocked off five percent of the global crude supply, which has since been restored by the world’s largest oil exporter.

“I want to move on… we in the energy industry in Saudi Arabia, we have got a few challenges, we have got an IPO and we want to make sure it’s a successful IPO,” Saudi Arabia’s Energy Minister Prince Abdulaziz said at the Russia Energy week earlier this month.

(With Agencies)