Saudi Arabia to launch Aramco’s secondary offering on June 2: Report

Saudi Arabia is set to formally launch a secondary offering of Saudi Aramco on June 2, Bloomberg reported, citing unnamed sources with knowledge of the matter.

The government plans to run a book-building process to gather investor orders until June 6. The stock sale has already attracted informal interest from investors across the Middle East and Europe totaling over $10 billion.

The offering will likely be priced at a further discount of as much as 10% to the trading price, though that could narrow based on investor demand.

No final decisions have been made on the offering period and terms of the deal, including its size, the sources added