Bidding for 'milestone' sale of Aramco shares set for next week | Business | The Guardian

Bidding for 'milestone' sale of Aramco shares set for next week | Business | The Guardian:

Bidding for shares in the world’s most profitable company will start in a week’s time, it has been announced, as Saudi Aramco fleshed out its plans for a much-delayed float expected to be the largest in history.

The oil company, which is owned by the autocratic Gulf state, said it would take bids for its shares from 17 November and planed to provide further details on the final offer price and the amount of stock for sale on 5 December.

Its prospectus, which was released at the weekend, showed profits of $68.2bn (£53.3bn) for the first six months of this financial year.

The 658-page document gave no indication of the price range that the Saudi government hoped to achieve but City analysts have valued Saudi Aramco, which accounts for more than 10% of the world’s oil production, between $1.1tn and $2.5tn.