State-owned Saudi Aramco has approached Abu Dhabi Investment Authority (ADIA), S...
LONDON/DUBAI/SINGAPORE - State-owned Saudi Aramco has approached Abu Dhabi Investment Authority , Singapore’s GIC and other sovereign wealth funds to invest in the domestic leg of the oil giant’s listing at it seeks to achieve a $2 trillion valuation, sources said.
A second source confirmed the approach to ADIA, while two other sources said GIC had been approached. Among Gulf investors, Bahrain’s sovereign wealth fund Mumtalakat was expected to consider investing in the IPO, another source said. The talks show work on the IPO process is still proceeding despite uncertainty over the timeline following a Sept. 14 attack on Aramco’s facilities.To achieve the $2 trillion valuation, Aramco needs the initial listing of a 1% stake on the Saudi market to raise at least $20 billion. To beat the record for the world’s biggest IPO, it needs to top Alibaba’s sale of $25 billion of shares.
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