Saudi Aramco is set to launch its initial public offering (IPO) on November 3,  Al Arabiya announced on Twitter on October 29.

Aramco’s media office refused to comment, saying that the timing of the IPO depends on market conditions and decisions taken by the company’s shareholders.

According to the timeline of the IPO, Saudi Arabia’s Capital Markets Authority will commence the IPO process on November 3. The share price on offer will be announced on November 17. Subscription to the offering will begin on December 4. December 11 will be the first day of trading.

Investors speculate that the IPO is estimated to achieve a $2-trillion valuation. However, western bankers think $1.2 trillion to $1.5 trillion is more realistic.

Saudi Aramco is to hold further meetings with investors as it seeks to bridge this valuation gap ahead of finalizing the pricing for the listing, a person familiar with the matter said.

Saudi Aramco, which made $111 billion in net income in 2018, is expected to sell about 3% of the company.