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Page added on February 21, 2017

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Saudi Aramco Favors New York for IPO

Business

Saudi Arabia is leaning toward listing its giant, state-run oil company in New York, having soured on the idea of floating its shares on an Asian stock exchange, The Wall Street Journal reported Monday citing people familiar with the matter.

The world’s largest oil company is also considering listing its stock in London or Toronto, according to the report.

Earlier this month, The Financial Times reported that Moelis  (MC) , a New York based boutique investment bank, had won the largest-ever equity advisory mandate for Saudi Aramco’s long anticipated initial public offering.

According to the Financial Times report, Saudi officials expect the deal to be valued at about $2 trillion, which would make it the world’s most valuable publicly traded company.
Aramco’s sale of a 5% stake in the state-run company is expected to close next year, the report said, noting that size and timing could change.
The offering is part of the the deputy-crown prince Mohammed bin Salman’s effort to diversify Saudi Arabia’s economy away from oil and privatize the oil industry to boost employment, the report noted.


3 Comments on "Saudi Aramco Favors New York for IPO"

  1. Midnight Oil on Tue, 21st Feb 2017 6:20 am 

    Rumor has it the FED will have a printing press handy to make sure of its success.
    Trump will give a tumbs UP!
    We stand up for our friends, 100%!

  2. Nony on Tue, 21st Feb 2017 11:02 am 

    Aramco is a very good company for a national oil company. It still has a lot of the good practices from when it was founded by US companies. And the Saudis haven’t screwed it up. Kudos for that.

    But I don’t see how you can buy 5% of a national oil company. The risk of nationalization remains high. And the level of control is concerning.

    That said, I have been very impressed how they have moved this whole project forward, including the reserve assessment. We’ll see.

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