Saudi Aramco has formally asked major banks to submit proposals for potential ro...
DUBAI - Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources said, in what could be the world’s biggest IPO.
Aramco’s planned IPO, which could potentially raise $100 billion, is the centerpiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify away from oil.The formal IPO process follows Saudi Arabia’s Crown Prince Mohammed bin Salman’s comments in June that the government remained fully committed to the IPO, expecting it to take place between 2020 and early 2021, after it was postponed last year.
A third source familiar with said the move to ask banks to pitch was a key step toward the IPO going ahead, unless market conditions worsen or there is some major geopolitical event to cause a further delay.But the IPO may face some obstacles such as a rich valuation at a time of volatile oil prices.
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