Aramco will offer 1.545 billion shares in a price range between 26.70 and 29 Saudi riyals per share, according to a company filing.
At the midpoint of that range, the sale would total nearly $11.5 billion.
The sale represents a follow-on offering, after Aramco initially entered the public markets in 2019 and raised $29.4 billion in the world's largest ever initial public offering.
Aramco lifted its base dividend for the fourth quarter to $20.3 billion, and boosted its performance-linked dividend to $10.8 billion.
Saudi Arabia owns more than 82% of Aramco prior to the sale, the Wall Street Journal has reported.
Persons:
Abdulaziz bin Salman, Prince Mohammed bin Salman, — CNBC's Spencer Kimball
Organizations:
Aramco, Plaza Conference, Saudi, Saudi Energy, Chevron, ExxonMobil, giga, Wall Street
Locations:
Dhahran, Saudi Arabia, Saudi Arabia's, Aramco, Riyadh, Saudi, Neom