Saudi Aramco prepares for $10 billion share sale amid oil cuts
The world’s largest oil company is moving forward with a secondary offering, which could start its booking process as early as Sunday, Bloomberg reports
The logo of Saudi Aramco, the world’s biggest oil company. (Photo: Getty Images)
Saudi Aramco, the world’s largest oil company, is generating renewed energy among investors as it moves forward with a secondary offering.
The share sale is currently being planned to start on Sunday with the booking process to take orders and could raise more than $10 billion, making it the largest offering of its kind in years, Bloomberg reports.
No final decisions have been made on the offering period and terms of the deal, including its size, could still change, according to the news agency.
Aramco didn’t immediately respond to requests for comment.
The offering is set to come days after Aramco’s stock dropped to the lowest level in over a year.
The deal’s opening will coincide with next week’s OPEC+ meeting to discuss oil output policy, where the group is expected to maintain supply curbs.
Saudi Arabia’s production is close to its lowest level in three years.