London (CNN Business)Saudi Arabia is moving forward with an initial public offering of its huge state oil producer that could shatter records and give investors the chance to own a piece of the world’s most profitable company.
Following approval from the country’s regulators, Saudi Aramco on Sunday formally announced its intention to float shares on the Tadawul exchange in Riyadh. Aramco executives will now embark on an international roadshow to court investors, and a prospectus outlining the company’s financial details is expected later this month.
“(The IPO) will increase our international visibility as the leading company in the world,” CEO Amin Nasser said at a press conference. He declined to comment on the company’s valuation, which executives said would be determined following consultation with potential investors.
