State-owned Saudi Aramco – in coordination with the selling shareholders – has restricted its initial public offering (IPO) to investors inside the Kingdom and the GCC as well as qualified foreign investors (QFIs).
Adding to these are the subscription requests, which are submitted to the institutional offering book-runners, in line with the instructions of book building process and allocation.
In its supplementary prospectus, Saudi Aramco said the following amendments will apply:
- Removal of the international settlement bank as well as the international legal advisors in the “Important Notice” part, and mention of the company’s advisors as well as expressions;
- Removal of any mention of share registration in line with the US Securities Law or any other securities law of any other country other than the Kingdom of Saudi Arabia, or the mention of offering or share sale outside the USA in line with the S regulation;
- Removal of any mention of distributing the offering prospectus to foreign investors outside the Kingdom;
- Removal of any mention of the IFRS difference in material aspects compared to those applied in USA.
Saudi Aramco also amended the IPO prospectus in terms of the board directors’ subscription to the offering as follows:
- Cancelling the board directors’ possible subscription to the offering, as senior executives, except for board directors are allowed to subscribe to the share offering.
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