Aramco IPO Still Go for 2018 – Saudi Oil Minister
The debate as to if the much hyped multi-billion global Aramco IPO might have just been ended.
According to a local report in Zawya, Saudi Arabia is still aiming to complete both the international and domestic portions of the Aramco offering next year, quoting Saudi Oil Minister Khalid Al Falih on the sidelines of the Oil & Money conference last week in London.
Asked whether both the local and international parts of the IPO will happen in 2018, Al Falih said, “Yes of course. It is on track. We will announce the venue in due course.”
The statement comes amid multiple and conflicting reports from several sources and media outlets, including Traders Magazine, that the Kingdom was considering delaying the international portion of the offering until at least 2019.
The Saudi government has said the sale of 5 percent of the shares could value the company at as much as US$2 trillion. If Saudi Arabia achieves its valuation, the 5 percent stake it plans to sell would raise about US$100 billion, which would eclipse the $25 billion raised by Alibaba Group in 2014.
The Saudi government has publicly said that the Aramco IPO is the centerpiece of a broad-ranging economic reform regime put forth by Saudi Crown Prince Mohammed bin Salman.
Here in the US, public stock exchanges are vying for a role in the deal, rumored to be Nasdaq and NYSE. Other global exchanges such as LSE and others in Asia are trying to grab a piece of the action and fees.
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