Saudi Aramco will offer shares in all of the company’s business when its initial public offering hits the market.
Saudi Aramco CEO Amin Nasser told Bloomberg on Thursday that the company’s pending IPO will sell shares in the its entire business.
“We are listing a part of the entire company, and not just downstream,” Nasser said.
Saudi Aramco had previously announced that it was studying offering shares in either the company as a whole or a bundle of its downstream subsidiaries.
Nasser told Bloomberg that his company plans to list its shares on Saudi Arabia’s stock exchange and is also considering listing the shares on foreign exchanges.
Nasser added that the listing process is on target and the company will make a list of investment banks and consultants that are advising it on the IPO public “very soon.”
Sources told Bloomberg last month that Saudi Aramco had met with Rothschild & Co., Lazard Ltd. and Moelis & Co. to discuss its IPO plans.
The company has not yet disclosed a start date for the sale or any other details.
The offering is expected to be one of the largest initial public offerings ever made and generate billions of dollars in fees for the world’s largest investment banks.
In an interview given earlier this year, Saudi Arabian Deputy Crown Prince Mohammed bin Salman said that Saudi Aramco is worth more $2 trillion.
“If 1 percent of Aramco is offered to the market, just 1 percent, it will be the biggest IPO on earth,” Prince Mohammed said in an interview seen by Reuters in April.
Saudi Aramco vice president for procurement and supply chain management Abdulaziz al-Abdulkarim last month that the company plans to invest about $334 billion by 2025, up from its previous spend of about $300 billion.
The spending boost is part of the In-Kingdom Total Value Add plan that seeks to increase investment and help diversify the country’s economy.