November 3, 2019 / 10:00 AM / a month ago

Saudi working on speeding up Aramco IPO process - NCB exec

DHAHRAN, Saudi Arabia (Reuters) - The Saudi government is working to accelerate the listing process for Saudi Aramco’s initial public offering on the Saudi stock exchange to around two weeks, an executive from NCB Capital said on Sunday.

The institutional investor tranche will take place over 14 days and the retail investors tranche over eight days, both launching at the same time, Sultan Mousa, vice president of investment banking at NCB Capital, said.

The old process would usually take around 4-6 weeks on the Saudi bourse, he told a news conference to launch the IPO with company executives at Aramco’s headquarters.

Reporting by Marwa Rashad and Rania El Gamal; Writing by Sylvia Westall; Editing by Frances Kerry

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