DUBAI/RIYADH — Saudi Arabia’s Crown Prince Mohammed bin Salman on Friday agreed that the initial public offering of state oil giant Aramco will be announced on Sunday, five sources familiar with the matter told Reuters.
The world’s top oil company will announce its intention to float (ITF) on Nov. 3, the sources added.
“The crown prince finally gave the green light,” one source said.
Aramco declined to comment.
Saudi Aramco officials and advisers have held last-minute meetings with investors over the past few days in an attempt to achieve as close to a $2 trillion valuation as possible ahead of an expected listing launch on Sunday, according to sources.
The final meeting by the Saudi government on Friday evening was to decide whether to go ahead with the listing.
Analysts’ meetings with top institutional investors are likely to begin on Sunday, another source said.
The state-owned oil major has also approached governments in the Gulf and Asia, including China, to try to secure the bulk of the investment from countries on friendly terms with Saudi Arabia, as the reception elsewhere has been cooler, sources have previously said.
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*Hadeel Al Sayegh & Marwa Rashad & Rania El Gamal; Saeed Azhar, Editing: Alexandra Hudson – Reuters