• 315 days Will The ECB Continue To Hike Rates?
  • 315 days Forbes: Aramco Remains Largest Company In The Middle East
  • 317 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 717 days Could Crypto Overtake Traditional Investment?
  • 722 days Americans Still Quitting Jobs At Record Pace
  • 723 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 727 days Is The Dollar Too Strong?
  • 727 days Big Tech Disappoints Investors on Earnings Calls
  • 728 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 729 days China Is Quietly Trying To Distance Itself From Russia
  • 730 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 734 days Crypto Investors Won Big In 2021
  • 734 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 735 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 737 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 738 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 741 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 742 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 742 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 744 days Are NFTs About To Take Over Gaming?
  1. Home
  2. News
  3. Breaking News

The World’s Biggest IPO Is Almost Here

IPO

Saudi oil giant Aramco is ready to list on international markets alongside its primary listing on the Saudi stock exchange, Aramco’s chief executive officer Amin Nasser said on Tuesday, as the Kingdom has noticeably sped up the timeline for what would be the world’s biggest-ever IPO.

“It is going to be the primary listing, to list locally, but we are ready also for listing outside in other jurisdictions,” Nasser told reporters on the sidelines of an industry event in Abu Dhabi, as carried by Reuters.

The top manager of the Saudi state oil firm reiterated that it’s up to the sole shareholder of the company - the Kingdom of Saudi Arabia - to decide when the listing will take place.

According to Reuters sources, Aramco’s board decided last month against listing in New York - the venue reportedly preferred by Crown Prince Mohammed bin Salman - because it would carry too many legal risks for the Saudi firm. London, Hong Kong, and Tokyo have all been rumored at some point as possible international venues for Aramco’s listing, and major changes to key positions of power within the Oil Kingdom point to a decision being made in the very near future. Related: Anti-Aging Market To Hit $55 Billion

Last week, Saudi Arabia started to fast-track Aramco’s IPO, with Khalid al-Falih losing both his role as chairman of the board for Aramco and as the Kingdom’s energy minister. Abdulaziz bin Salman, the King’s son and half-brother of Crown Prince Mohammed bin Salman, is the new energy minister and represent a further coalescing of power around the Crown Prince.

The extent of the shake-up within the energy and mining ministry and Aramco signals that the Saudi leadership wants the IPO done quickly and wants people who are very supportive of this process in power, Helima Croft of RBC Capital Markets told CNBC last week.

Saudi Arabia’s new energy minister, Abdulaziz bin Salman, said on Monday in his first public comments after taking over from al-Falih that the Kingdom aims to have the IPO take place “as soon as possible.”

Nasser said on Tuesday that a domestic market listing would take place “very soon.”

Saudi officials have approached some of the richest families in Saudi Arabia about potentially becoming anchor investors in the IPO, Bloomberg reported earlier this week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment