Saudi Aramco is pressing ahead with its listing plans this week, although some i...
RIYADH/LONDON - Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.
The state-owned oil group will meet local Saudi banks to discuss the initial public offering plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco’s management on any delay. Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place.
The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm’s valuation at $2 trillion. The domestic flotation is the first step of a targeted 5% sale. A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas.
However, some analysts and investors said the strikes could pose a major setback to the Aramco offering.
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