• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 6 hours Judge Approves SEC Settlement With Tesla, Musk
  • 14 mins U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 41 mins How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 18 mins Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 47 mins UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 3 hours Iranian Sanctions - What Are The Facts?
  • 4 hours EU to Splash Billions on Battery Factories
  • 6 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 1 hour China Thirsty for Canadian Crude
  • 6 hours Gold price on a rise...
  • 7 hours Mexico State Oil
  • 7 hours Saudi Crown Prince to Trump: We've Replaced All Iran's Lost Oil
  • 1 hour Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?

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