When they say that Saudi Aramco will IPO 5% of the company does that mean that only 5% of shares outstanding will be the float?

In other words, just for illustration, let's assume Aramco is a 100 share company. Will they be IPO'ing 100 shares (and thus shares outstanding will be 100) but 95 shares will be held by insiders? Or will only 5 shares be shares outstanding, while 95 shares won't be included in shares outstanding?

Submitted May 22, 2017 at 05:32PM by eckhartpark http://ift.tt/2rJLy2k