Aramco's IPO still on track, insists Saudi crown prince
Saudi Crown Prince Mohammed Bin Salman said Aramco will go through with an initial public offering as soon as next year, though no decision has been made on where the stock will trade.
The world's top crude exporter aims to offer Aramco stock on its domestic exchange and at least one international bourse, with the prince projecting the company's value at about $2tn (€1.7tn).
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Aramco's financial performance, revealed in April, indicated a valuation closer to $1.2tn if investors judge it with other companies. "We are committed to the Aramco IPO, given the proper circumstances and the right time," the crown prince said in an interview. Selling stock in New York, London or an Asian exchange, some of the speculated options, could tap a broader investor base.
The IPO underpins plans to transform the kingdom's economy by developing new industries, boosting employment and bringing in foreign investment.