Heard on the Street: By insisting on a high starting price for Saudi Aramco, Crown Prince Mohammed bin Salman risks hitting local individual investors
Crown Prince Mohammed bin Salman is insisting on a high starting price for Saudi Aramco. He may end up with a lot of ungrateful subjects.
State institutions usually go public at a big discount to attract as broad a field of investors as possible. This seems particularly important when the state is selling a tiny proportion of shares and may want to sell more in the future. Individual investors—who are expected to provide a one-third of the cash in Aramco’s initial public offering—will be put off if the stock doesn’t go up.
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