Momentum to list Saudi Aramco, the world’s biggest oil company, is picking up again
end of Ramadan in early June and the start of the scorching summer holidays, a window for dealmaking has opened in Saudi Arabia. Swarming through it are some big-hitting investment bankers. They are hoping for a second chance to play a role in a potentially historic initial public offering : that of Saudi Aramco, the world’s biggest oil company.has been more mirage than money-spinner.
Second, Aramco’s first international bond offering in April attracted orders of $100bn for a $12bn issue, a staggering vote of confidence despite Khashoggi’s murder. Yields trade roughly in tandem with international oil majors , auguring well for further exposure to the capital markets. The offering was accompanied by Aramco’s first disclosures of drilling costs and profits that put the company in a league of its own .
Third, Aramco is building on that openness by promising to hold its first earnings call in August. This could be good preparation for the interaction with investors that would be required of a listed company. High hurdles remain. Aramco’s lawyers are against listing it in New York for fear district attorneys will hound it over allegations that the kingdom provided support to the perpetrators of the September 11th 2001 terrorist attacks. Though the London Stock Exchange has courted Aramco assiduously, the City is becoming more ambivalent about oil and gas investments for environmental reasons. Saudi Arabia’s Tadawul exchange is too small to handle potential stock trades of trillions of dollars.
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