Saudi Aramco met investors in Dubai on Sunday to market its initial public offer...
DUBAI - Saudi Aramco met investors in Dubai on Sunday to market its initial public offering , after trying to secure demand from Kuwait’s sovereign wealth fund for the deal, worth up to $25.6 billion, which relies heavily on local and regional buyers.
Meanwhile, Aramco’s management including its finance head and advisers met with institutional investors at an IPO roadshow in Dubai on Sunday, the second outside Riyadh after the company decided to cancel all roadshows in developed markets. Talks have taken place with sovereign investors including the Abu Dhabi Investment Authority, Singapore’s GIC and other funds, sources have told Reuters.Aramco has struggled to attract a major cornerstone or anchor investor for its IPO, which could be potentially the world’s biggest.An executive at a London-based fund, who attended the roadshow in Dubai, told Reuters he was interested in the IPO, but declined to provide more details.
Over 20 people, wearing suits, walked into the presentation area at a luxury hotel in Dubai’s financial district, but hotel security restricted entry for reporters.“Looks like there’s a lot of interest both from retail investors and institutions.” K. V. Vijay Raghavan, group finance director at Dubai-based investment firm Arenco told Reuters after attending the roadshow.
FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
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