(Bloomberg) -- Saudi Aramco's valuation will be determined during the roadshow and book-building of the oil giant's initial public offering, its chairman said.
"Percentage of international versus local investors is still to be determined," Yasir Al-Rumayyan said at a press conference at Aramco's headquarters in Dhahran in the country's eastern province.
Al-Rumayyan said at the moment the listing is limited to the Saudi stock exchange. "If we consider an international listing, it will be in the future."
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More than three years after Crown Prince Mohammed bin Salman first raised the idea -- and just three weeks after a plan to launch the share sale was abruptly delayed -- oil giant Aramco announced its intention on Sunday to list shares on the local stock exchange in Riyadh.
Read more: Saudi Arabia Poised to Take Lower Aramco Valuation For IPO
The company was targeting a $2 trillion valuation -- more than double that of Apple -- but the kingdom is now ready to accept a valuation of $1.6 trillion to $1.8 trillion to ensure the IPO is a success, according to people briefed on the matter.
When asked if the offering still depends on the market response and appetite, Al-Rumayyan said: "This is the right time for us coming to a juncture where we want Aramco to be a public company to have more disclosure."
The Tadawul All Share Index fell as much as 2.4%, led by Al Rajhi Bank and National Commercial Bank.
To contact the reporter on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net
To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Nour Al Ali
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