An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019.
Maxim Shemetov | Reuters
Saudi Arabia officially launched its initial public offering (IPO) for its state-owned oil company Saudi Aramco on Sunday, announcing that a domestic listing will happen in December.
The kingdom’s market regulator approved the listing early Sunday but exact details surrounding the size and scope of the IPO remain unknown. In a statement from Saudi Aramco, the company said “the final offer price, number of shares to be sold and percentage of the shares to be sold will be determined at the end of the book-building period.”
Amin Nasser, president and…