Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has announced the price range of its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).

The price range has been set between SAR 30 and SAR 32 ($8-8.5).

The IPO is set to be launched today, 17 November, until Wednesday 4 December.

Each individual investor who subscribes to the offer shares must submit a retail subscription form and must subscribe for a minimum of 10 offer shares calculated at the final offer price per share.

The offering represents about 1.5% of the company’s capital, valued at SAR 60 billion and distributed over 200 billion shares.

Price for individual investors will be at SAR 32 per share, with the retail offering period for individual investors being 17-28 November.

The final offer price will be determined and announced on 5 December 2019, according to the company’s statement.

The targeted percentage of offer shares allocable to individual investors will be up to 0.5% of the shares, according to the company’s Subscription Guidelines.

The IPO will be limited to investors in Saudi Arabia and countries of the Gulf Cooperation Council (GCC).