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23 January 2020
MARKETS

Saudi Aramco international listing still on the cards, finance minister

Saudi Aramco raised $29.4 billion in the world’s biggest-ever initial public offering (IPO), selling shares at SAR 32 each and overtaking Microsoft and Apple as the most valuable listed company.

Saudi Aramco offered less than two per cent and opted for a local listing/Bloomberg

by Bloomberg

Saudi Arabia’s Finance Minister said that Saudi Aramco is still considering listing shares abroad.

Mohammed Al-Jadaan, the Saudi Finance Minister, said, “It’s still on the cards, we made that very clear, we will consider it, but I do not think it’s going to be anytime soon.”

The state-energy giant’s IPO ended up being very different from what Crown Prince Mohammed Bin Salman had envisaged when he first floated the idea in 2016 with an ambition to raise as much as $100 billion.

Saudi Aramco offered less than two per cent and opted for a local listing after global investors baulked at its hopes of valuing the company at $2 trillion. Instead, the oil giant relied heavily on local investors and funds from neighbouring Gulf Arab monarchies.

 


RELATED STORIES: Crown Prince Mohammed Bin Salman Mohammed Al-Jadaan Saudi Aramco IPO


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