Saudi Aramco has set a price range for its listing that implies the oil giant is...
DUBAI - Saudi Aramco has set a price range for its listing that implies the oil giant is worth between $1.6 trillion to $1.7 trillion, below the $2 trillion the Saudi crown prince had targeted but still making it potentially the world’s biggest IPO.
If priced at the top, the deal could just beat the record-breaking $25 billion raised by Chinese e-commerce giant Alibaba in its stock market debut in New York in 2014. Aramco finally kicked off its IPO on Nov. 3 after a series of false starts. Prince Mohammed, who had floated the idea of the listing four years ago, is seeking to raise billions of dollars through the deal to invest in non-oil industries and create employment.But the investment world is still trying to decide what the famously secretive company is worth. Analysts from banks working on the Riyadh bourse had projected a wide valuation range for Aramco of between $1.2 trillion to $2.3 trillion.
The deal is also rife with political risk as the Saudi government, which relies on Aramco for the bulk of its funding, will continue to control the company. Prince Mohammed’s reputation was tarnished by the murder of Saudi journalist Jamal Khashoggi last year. Retail investors have until Nov. 28 to sign up for the IPO while institutional investors can subscribe until Dec. 4, with company management going on marketing roadshows this week.
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