SAUDI state oil giant Aramco will sell 0.5 percent of its shares to individual retail investors, and the government will have a lockup period of a year on further share sales after the initial public offering (IPO), its prospectus said Saturday.

The more than 600-page prospectus did not include details of how much of the company would be floated in total or of any commitments from anchor investors.

Sources have said the company could sell 1 to 2 percent on the Saudi stock market in what could be the world’s largest listing.

Offering for the shares will begin Nov. 17, the prospectus said.

Aramco fired the starting gun on the initial public offering Nov. 3 after a series of false starts. Crown Prince Mohammed bin Salman is seeking to raise billions of dollars to diversify the Saudi economy away from oil by investing in non-energy industries.

Among the risks highlighted in the prospectus were the potential for terrorist attacks and the potential for encountering antitrust legislation, as well as the right of the Saudi Government to decide maximum crude output and direct Aramco to undertake projects outside its core business.

Aramco may also change its dividend policy without prior notice to its minority shareholders, it said.

Aramco’s oil facilities were targeted Sept. 14 in unprecedented attacks that temporarily shut 5.7 million barrels per day (bpd) of output -- more than 5 percent of global oil supply.

The prospectus said the government will have a “statutory lockup period” for disposing of any shares after the listing for six months, and a contractual lockup period for 12 months.

Aramco cannot list additional shares for a period of six months after trading starts, and will also be restricted from issuing additional shares for 12 months.

The offering for institutional investors will begin Nov. 17 and end Dec. 4, while retail investors will be able to bid for the shares from Nov. 17 to Nov. 28, the prospectus said. (SD-Agencies)