The public listing of Saudi Arabia's state-owned oil company has been highly anticipated by the market, but analysts say investors should consider the kingdom over the company.
"The biggest issue with Aramco is that everything about." Pavel Molchanov, director and energy analyst at Raymond James.
Aramco said in an email that he will respond to CNBC's queries on "earliest opportunity."
Saudi Aramco, the world's largest oil company, announced that it would be willing to invest in its initial public offering. The IPO is set for December on Saudi Arabia's Tadawul exchange.
The 658-page preliminary prospectus divulged operational information about Saudi Aramco, but did not give a definite idea how many shares will be offered.
Analysts' valuations of the company's wide range, ranging from $ 1
Even within the lower range of that valuation, Aramco has become the largest stock listing in history, surpassing Chinese e-commerce giant Alibaba's $ 25 billion float in 2014, which still stands as the biggest IPO ever.
According to Molchanov, the IPO "may be too small to really be interesting" for many asset managers.
The government wants to do whatever it takes, whether it's raising production, curtailing production, investing in one geography versus another, "he told CNBC on Monday.
Investors want to consider the "political influence" of the kingdom, said Daniel Gerard, senior global multi-asset strategist at State Street.
"There's a lot to think about when buying Aramco," he told CNBC last week.
"Saudi Arabia is still probably the largest party "Gerard."
"Even if the US is a major producer, it's not one entity that makes one decision," he adds.