Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has issued some amendments to the guidelines of its initial public offering (IPO).

The company has excluded board members from the eligibility to participate in the IPOs, only senior executives will be able to purchase some of the company’s shares through the IPO.

Earlier today, Aramco set the price range between SAR 30 and SAR 32 ($8-8.5) per share for the IPO, which is set to take place between 17 November until Wednesday 4 December.

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

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