Saudi Aramco’s IPO Still on for 2018

The world’s biggest oil company, Saudi Aramco, is still planning to go public next year.

“We’re still looking at 2018 and no change in our plan to deliver in that time,” Aramco CEO Amin Nasser told CNNMoney’s John Defterios at the World Economic Forum in Davos.

Saudi Arabia revealed plans to sell part of its oil giant last year when deputy crown prince Mohammed bin Salman unveiled a new economic strategy.

The kingdom was forced to rethink after a slump in oil prices blew a huge hole in its finances.

If it happens, the sale of Saudi Aramco is expected to be the biggest IPO in history.

Saudi officials have said they expect an IPO to value Aramco at around $2 trillion. If the market agrees, selling just 5% would raise $100 billion — four times as much as Alibaba’s (BABA, Tech30) IPO in 2014, the largest to date.

via CNN

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza