• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 15 mins China's Blueprint For Global Power
  • 4 mins World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 5 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 5 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 2 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 1 hour Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 5 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 7 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 7 hours Why don't the other GOP candidates get mention?
  • 4 hours Deepwater GOM Project Claims Industry First
  • 5 hours Idiotic Environmental Predictions
  • 6 hours PETROLEUM for humanity 
What Does Brexit Mean For UK Oil & Gas?

What Does Brexit Mean For UK Oil & Gas?

While Brexit is unlikely to…

Will OPEC+ Cut Production Even Further?

Will OPEC+ Cut Production Even Further?

The outlook for oil markets…

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Goldman Sachs And Citi To Lead Saudi Aramco IPO

London

U.S. investment banking giants Goldman Sachs and Citi are lined up to lead the initial public offering (IPO) of part of Saudi Aramco, according to reports.

 

The Saudi state-owned oil producer plans to list this year in what is expected to be one of the largest share offerings ever, if Aramco's target valuation of $2 trillion (£1.5 trillion) is achieved.

The two banks will be joined on the mega-deal by JP Morgan, HSBC and Morgan Stanley in global coordinator roles, with the mandates potentially finalised at some point this week, according to Bloomberg.

 

The appointment of advisors would mark an important step before the float, after Aramco officials were forced to reiterate their plans for a 2018 listing at the end of last year.


A decision also remains to be made on the listing venue for the IPO, with London and New York thought to be among the leading contenders for the giant share offering of around five per cent of the oil producer.

The London Stock Exchange's efforts to attract the listing have been strongly backed by the Prime Minister and the chancellor, while the Financial Conduct Authority (FCA) is currently also consulting on changes to listing rules which would make it easier for Aramco to choose the UK.

An end-of-year deadline for the policy statement on the listing proposal from the FCA has passed without any update from the City watchdog.

The banks declined to comment. Saudi Aramco was contacted for comment.

By CityAM

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play