Saudi Aramco chairman Yasir Al-Rumayyan said at the moment the listing is limited to the Saudi stock exchange
Saudi Aramco’s valuation will be determined during the roadshow and book-building of the oil giant’s initial public offering, its chairman said.
"Percentage of international versus local investors is still to be determined," Yasir Al-Rumayyan said at a press conference at Aramco’s headquarters in Dhahran in the country’s eastern province.
Al-Rumayyan said at the moment the listing is limited to the Saudi stock exchange. "If we consider an international listing, it will be in the future."
More than three years after Crown Prince Mohammed bin Salman first raised the idea - and just three weeks after a plan to launch the share sale was abruptly delayed - oil giant Aramco announced its intention on Sunday to list shares on the local stock exchange in Riyadh.
The company was targeting a $2 trillion valuation - more than double that of Apple - but the kingdom is now ready to accept a valuation of $1.6 trillion to $1.8 trillion to ensure the IPO is a success, according to people briefed on the matter.
When asked if the offering still depends on the market response and appetite, Al-Rumayyan said: "This is the right time for us coming to a juncture where we want Aramco to be a public company to have more disclosure."
The Tadawul All Share Index fell as much as 2.4%, led by Al Rajhi Bank and National Commercial Bank.