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Saudi Aramco reportedly readies key IPO document

Illustration of an oil rig in the Saudi desert casting a shadow in the shape of a dollar sign
Illustration: Sarah Grillo/Axios

Saudi Aramco is expected to publish its IPO prospectus before the end of this month, the Wall Street Journal reported Tuesday evening, citing anonymous sources familiar with the matter.

Why it matters: It's another sign that kingdom officials are planning to proceed with an offering of shares in the state oil giant after years of delays and uncertainties.

  • The document would also provide new information about the company's still opaque plans for a listing, which is designed to raise huge sums to help finance the country's economic diversification.

Where it stands: It's still unclear if the IPO is definitely happening. Per WSJ, publication of the prospectus would pave the way for a "final decision soon after on whether to proceed with the float."

  • A listing on the Saudis' domestic stock exchange could occur as soon as this year, to be followed by a listing on an as-yet-undetermined international exchange.
  • The 2-stage listing is aimed at selling shares in 5% of the company.