Saudi Aramco launched its long-awaited initial public offering on Sunday, kicking off the centrepiece of Crown Prince Mohammed bin Salman’s ambitious plan to overhaul the kingdom’s oil-addicted economy.
The listing had faced a series of delays triggering doubts over the ability of the world’s most profitable company to secure the $2tn valuation coveted by the kingdom.
A milestone in Prince Mohammed’s aggressive drive to deliver on his pledge to modernise the conservative kingdom, the IPO was tipped to be the world’s largest. Riyadh is hoping to raise as much as $60bn with a sale of up to 3 per cent of the company. Bankers privately believe that $1.2tn to $1.5tn is a more realistic valuation.
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