Some banks that worked on Saudi Aramco’s $29.4 billion initial public offering last year are involved in the discussions/Bloombergby Bloomberg
Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and side-lined global banks.
The world’s largest publicly traded company is in discussions with Wall Street banks to draw up scenarios for a second listing overseas.
The state-owned oil giant has not set a timetable for the potential deal. An overseas listing is currently seen as unlikely to take place this year given market conditions and a weak outlook for commodity prices.
Global equity indexes have slumped this week from their record highs, erasing this year’s gains amid concerns that the coronavirus epidemic is spreading outside of China and hurting corporate earnings.
The oil producer is currently focusing on Asian exchanges as potential listing venues, though no final decisions have been made. Some banks that worked on Saudi Aramco’s $29.4 billion initial public offering last year are involved in the discussions.