Saudi Arabia approves Aramco IPO, prospectus to be released on 10 Nov

DUBAI : Saudi Arabia finally kicked off what could be the world’s biggest initial public offering.

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 shelved — the Capital Market Authority approved Aramco’s offering, according to a statement. The shares are likely to start trading in December.

Aramco will release the prospectus for its planned IPO on 10 November, Saudi-owned news channel Al-Arabiya said, citing sources.