Saudi Crown Prince Mohammed bin Salman to launch long-awaited Aramco IPO on Sunday: report
The Aramco stock listing, a key component of bin Salman's overall agenda, will offer a small fraction of the petroleum giant.
The company is valued at between $1.5 and $1.7 trillion, making it the biggest ever.
That will be followed next year by a three percent listing in an overseas exchange, but that has yet to be picked, the person said.
Prince Mohammed is expected on Sunday to provide specifics on the domestic aspects of the IPO, including a date before the end of the year, the person added.
Aramco was expected to launch the first part of the two-stage IPO in October, but the process has been delayed, reportedly due to the prince's dissatisfaction with the valuation of the firm, which had been hoped to reach $2 trillion.
Read more: How Saudi Aramco is powering the global climate crisis
Aramco executives have encountered skepticism among investors in London and New York on questions about the firm's transparency, governance practices and targeted valuation, the source told AFP.
Architects of the offering have targeted rich Saudi families and local asset managers as buyers of the stock and prodded Saudi banks to make financing available to retail investors to support the offering, Bloomberg reported.
Follow us on Twitter: @The_NewArab