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Saudi Arabia’s Aramco kick-starts IPO

Saudi Arabia’s state oil company kick-started its initial public offering (IPO) on Sunday, November 3, announcing its intention to list on the domestic bourse as the kingdom seeks to diversify and create the world’s most valuable listed company. Aramco did not give a time frame or say how much of the company it would sell, but sources have told Reuters the oil company could offer 1%-2% of its shares on the local bourse, raising as much $20 billion-$40 billion. Aramco said the IPO would be split into two tranches: one each for institutional and individual investors. The percentage of shares to be sold and the purchase price would be determined after the book-building period, it added in a…