London (CNN Business) Saudi Arabia is moving forward with an initial public offering of its huge state oil producer that could shatter records and give investors the chance to own a piece of the world's most profitable company.

Following approval from the country's regulators, Saudi Aramco on Sunday formally announced its intention to float shares on the Tadawul exchange in Riyadh. Aramco executives will now embark on an international roadshow to court investors, and a prospectus outlining the company's financial details is expected later this month.

"(The IPO) will increase our international visibility as the leading company in the world," CEO Amin Nasser said at a press conference. He declined to comment on the company's valuation, which executives said would be determined following consultation with potential investors.

Aramco has vast oil reserves and massive daily output. It holds a monopoly in Saudi Arabia, the world's largest exporter of crude oil. The company posted a $68 billion profit for the first nine months of this year, down 18% on the same period in 2018. Profit for the whole of last year was $111 billion.

The public offering is part of Saudi Crown Prince Mohammed bin Salman's plan to wean his country off oil and develop other areas of the economy. But getting the massive IPO off the ground has been an arduous process full of false starts

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