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Saudi Arabia officially kicked of Saudi Aramco's IPO, which could be the largest in the world

Saudi Arabia officially kicked of Saudi Aramco's IPO, which could be the largest in the world
Reuters



Saudi Arabia approved oil giant Saudi Aramco's massive initial public offering on Sunday, Bloomberg reported.




The company announced it plans to list shares on the local exchange in Riyadh.




The Tadawul All Share Index fell as much as 2.4% on the news.




Listing Saudi Aramco is a major part of the kingdom's economic plans going forward. Proceeds from the IPO will go to the sovereign wealth fund.




Read more on Business Insider.



Oil giant Saudi Aramco announced Sunday that it will list shares of its massive initial public offering, likely starting in December, on the local exchange in Riyadh, Bloomberg reported.
It's the official kickoff of what could be the world's largest initial public offering. Saudi Arabia is reportedly targeting a valuation between $1.5 trillion to $2 trillion for Aramco, the most profitable company in the world.
The Tadawul All Share Index fell as much as 2.4% on the news. While investors have been anticipating Aramco's IPO for weeks, the announcement confirmed that shares of the company will soon be available to trade on local markets. In anticipation, investors are selling other Saudi stocks.
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