According to US media, Saudi Aramco will sell no more than 0.5% of its shares to individual investors through an initial public offering (IPO). The total size of this IPO is expected to hit a record.

According to the website of the US Consumer News and Business Channel, the world's number one oil company released its prospectus on November 9, announcing more about the much-anticipated IPO, but some of what investors want to know has yet to be disclosed.

Saudi Aramco said the subscription period would begin on November 17 and end on December 4. The final share price and the number and proportion of shares to be sold to institutional investors will be determined at the end of the subscription period.

According to the prospectus, the deadline for individual investors to subscribe is November 28, and "up to 0.5%" of Ami's shares will be allocated to individual investors.

Saudi Aramco confirmed that, in addition to possible special dividends, it plans to pay at least $75 billion a year in cash dividends starting in 2020.

After the listing of Ami IPO, the Saudi government is not allowed to sell more Ami shares within the next six months. This IPO is made up ofJPMorgan Chase & Co、Goldman Sachs Group, Citigroup andMorgan StanleyWaiting for the company to underwrite.

According to reports, Ami said earlier that it plans to list on the Saudi Stock Exchange in December this year.

Analysts' valuations of Ami range from $1.2 trillion to $2.3 trillion. By contrast, Ami's biggest competitor, the United States,Exxon Mobil CorpThe market capitalization of the company is close to 300 billion US dollars.Chevron CorpThe company has a market capitalization of about $229 billion.

According to the report, the much-anticipated IPO was first proposed by the Saudi government in 2016 and has since been delayed several times, amid concerns that the company's financial situation needs to be subject to public scrutiny. The drone strike on the company's main oil facility in September also raised security concerns and threatened the planned listing process.

Ami has warned that terrorism and armed conflict may have a material impact on the market price of the company's shares.

Ami President and CEO Amir Nasser told the US Consumer News and Business Channel website that the company's IPO will help diversify the Saudi economy. The move could also attract domestic and foreign investment and strengthen the Saudi Stock Exchange.

There are reports that Ami may have a dual listing. Yasser Rumaiyan, the company's chairman, said at a news conference that the company's international listing would be decided "in the future".

It is reported that Ami is expected to list 1% to 2% of its shares in Saudi Arabia, while some shares will be listed on a large international stock exchange at a later date. From New York to London and from Hong Kong to Tokyo, major stock exchanges around the world are vying for the international listing of Saudi Aramco. The prospectus released on November 9th did not address this issue.

Information, pictures. (Reuters)