Aramco IPO set

Saudi Arabia’s Capital Market Authority approved Saudi Aramco’s application for an initial public offering on the Kingdom’s stock exchange as the company said it recorded a $68 billion profit for the first nine months of the year.

The company’s prospectus will be published prior to the start of the subscription period, the CMA said on its website on Sunday. The prospectus for the IPO will be released by Aramco on November 9, the company’s chief executive Amin Nasser said at a press conference in Dhahran on Sunday.

Once the book building and share allocation take place over the next several weeks, the company’s shares could start trading in the first half of December, though no date was specified.