Saudi Aramco will release the prospectus for its initial public offering (IPO) on November 10, sources told Al Arabiya on Sunday.
Later on Sunday, Saudi Aramco announced its intention to proceed with an initial public offering on the Saudi stock market of Tadawul.
Earlier, Saudi Arabia’s Capital Market Authority (CMA), the Kingdom’s market regulator, said it issued a resolution approving Saudi Aramco’s IPO.
The purpose of the IPO, potentially the biggest ever, is to put Saudi Arabia on the fast track to diversifying its economy away from oil and transforming key sectors including mining, healthcare, and tourism in line with its Vision 2030 program.
Saudi Arabia's Crown Prince Mohammed bin Salman told Al Arabiya in 2017 that it could take the Kingdom 40-50 years to develop areas such as the mining sector without the IPO.
Saudi Aramco is aiming to list a total of 5 percent to raise $100 billion at a $2 trillion valuation. The company is expected to list a 1 percent stake on Tadawul before 2019 end and another 1 percent in 2020, which will be followed up by an international offering in 2020 or 2021.
The company, which plans to pay a base dividend of $75 billion in 2020, reported a profit of $111.1 billion in 2018 and $46.9 billion in the first half of 2019.