Saudi Aramco aims to begin planned IPO on Nov. 3: sources

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FILE PHOTO: The Saudi Aramco logo pictured at the company’s oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov

DUBAI/RIYADH (Reuters) – Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors.

Separately, Aramco has not approached the Kuwait Investment Authority (KIA) to invest in the IPO, the sovereign wealth fund’s managing director Farouk Bastaki said on Tuesday.

“KIA has not been approached by Aramco or its advisers for the IPO, and KIA will look at the IPO like any other investment,” Bastaki told reporters on the sidelines of an investment conference in Riyadh.

The people also said Aramco’s chief executive officer, Amin Nasser, was not present at the conference on Tuesday as he was meeting investors abroad ahead of the offering.

The state oil firm was not immediately available for comment when contacted by Reuters on Tuesday. The people declined to be identified due to commercial sensitivities.

Reporting by Hadeel Al Sayegh in Dubai, Davide Barbuscia and Saeed Azhar in Riyadh; Additional reporting by Rania El Gamal; Editing by Christopher Cushing

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